#1BANPU Investor Update 4Q15 results 24th February 2016 MEMBER OF ROBECOSAM Sustainability Award Gold Class 2016 ROBECOSAM Sustainability Award Industry Leader 2016 ROBECOSAM Sustainability Award Industry Mover 2016 Dow Jones Sustainability Indices In Collaboration with RobecoSAM#2DISCLAIMER 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. BANPU 2#31 Strategic review 2 Coal operations 3 Coal marketing 4 Power business 5 Financial summary 6 2016 and beyond BANPU#4The expansion of the Banpu universe THAILAND & GREATER MEKONG POWER GW (EQUITY) COAL MT (100%) 14 1.5 0.7 0.3 2 COAL MT (100%) 10 0.9 0.3 BANPU ILLUSTRATIVE ONLY NORTH ASIA POWER GW (EQUITY) 2010s. 2000s 1990s 1980s 1980s 1990s 2000s 2010s POWER GW (EQUITY) INDONESIA & EAST INDIES* *Malaysia, Philippines, Singapore, Indonesia, Brunei 30 COAL MT (100%) 23 23 16 COAL MT (100%) POWER GW (EQUITY) AUSTRALIA - PACIFIC Note: Figures for "2010s" are based on maximum equity MW and coal output on 100% basis for 2010-15 actual plus 2016-20 planning (existing operations and committed projects only)#5Balanced portfolio, strategic flexibility BANPU • Stable long-term domestic off-take agreements in Australia Well established long-term commercial relationships Diverse regional customer base • Strong credit quality of customers Diversification of risks COAL-POWER SYNERGIES ■ Direct coal supply to mine-mouth power plants (e.g. Hongsa, Gaohe-SLG) Captive demand (e.g. ITM-Bontang) • More than two decades of experience • Stable earnings with PPA in BLCP and Hongsa • Steam, hot water and chilled water joint-products • 54MW* solar in Japan by 2016-18, adding capacity •Other renewable projects under SEABOURNE DOMESTIC 0: COAL Unrivalled geographic diversity and experience, with diverse customer base and coal reserves CONVENTIONAL RENEWABLES POWER 2.4GW** well-positioned in some of the most attractive growth markets in Asia-Pacific study: solar, wind, hydro, etc. * *Equity MW; ** committed capacity by 2020 5#6Banpu fundamentals remain strong . .. ● COAL BUSINESS mil POWER BUSINESS Y PRODUCTIVITY & OPTIMISATION PREMIUM CUSTOMER BASE STABLE EARNINGS INNOVATION & ADAPTABILITY COST CUTTING 1$1 S GROUP $ BANPU FINANCIAL DISCIPLINE CORPORATED GOVERNANCE COAL PRODUCT PORTFOLIO CAPITAL RAISING DEVELOPMENT EXPERTISE CORPORATE GOVERNANCE CAPEX RATIONALISATION GEOGRAPHIC DIVERSITY & EXPERIENCE GROWTH PIPELINE COAL-POWER SYNERGIES SUSTAINABILITY DEVELOPMENT#7Fundamentals (i): coal business PRODUCTIVITY DRIVE "Successful efforts to cut costs" COST CUTTING TRIS 66 A+ STABLE • • . BANPU "... and capital spending" PROJECT CAPITAL RATIONALISATION TRIS A+ STABLE CONSOLIDATED OUTPUT 2012 2015 UNIT COSTS CAPEX $521M +19% 46.6Mt -30% -35% Mongolia -70% 39.2Mt 2010 2015 Optimal mine planning Performance measurement in all operations Logistic synergies and optimisation Centennial: Step Change Productivity programme ITM: reusable and repairable approach $50/t* Australia $34/t** $154M*** Indonesia INDONESIA MINES AUSTRALIA MINES • Major unit cost reduction achieved in Australia and Indonesia • SR reduction, lower mining costs at ITM . Overhead rationalisation *Indonesia coal's total costs, including: royalty, SG&A, DA, R&M, mining costs ** Australia's average production cost, including: depreciation, contractor, handling, cash overhead, general expenses, R&M, stores/supplies and labor (FX at 0.7 in 2015) 2012-15 2016-20* • Deferral of some capex to strengthen cashflow • Limited to committed project capital for time being ***Excludes maintenance capex. Forward looking figure is indicative only and is subject to change 7#8Fundamentals (ii): coal business cont'd "diverse customer base" TRIS "diverse locations of TRIS A+ STABLE coal reserves" PREMIUM CUSTOMER BASE A+ STABLE COAL PRODUCT PORTFOLIO GEOGRAPHIC DIVERSITY BANPU INDONESIA since 1991 CV (kcal/kg GAR) 7,200 Size of bubble is indicative of reserves end of 2015 CHINA 8.7 JAPAN 6.9 7,000 S.KOREA 2.7 6,800 CENTENNIAL TRUBAINDO HK 6,600 0.3 TAIWAN 6,400 BHARINTO INDIA 5.4 GAOHE THAILAND 2.3 6,200 THAILAND 2.9 6,000 HEBI O INDOMINCO PHILIPPINES 2.1 MONGOLIA since 2011 CHINA since 2003 since 1983. LAOS since 2010 • KITADIN-EMBALUT 5,800 MALAYSIA 5,600- 0.3 INDONESIA 5,400 CV NEX: 5,500 3.7 •JORONG SINGAPORE* since 1996 5,200 Banpu coal sales by destination 2015 AUSTRALIA 8.0 5,000 T T I I 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 Banpu project development, Unit: Mt Sulphur (%) • • • Diverse regional customer base Well-established long term commercial relationships Strong credit quality of ― customers especially in Japan, South Korea, Taiwan Stable long term domestic off- take agreements in Australia • • Diverse range of coal qualities facilitates tailored blends to customers Gives flexibility to adapt to changes in market demand Predominance of higher quality coal specifications • • Countries with first year of acquisition or presence AUSTRALIA since 2010 Unrivalled geographic diversity and experience in coal Unique strategic flexibility Diversification of risks (regulatory, logistics ...) Platform for future growth Banpu Minerals (Singapore) 8#9Fundamentals (iii): power business "reliable income from the TRIS "plan to list ... power segment" TRIS A+ STABLE Banpu Power Plc." A+ STABLE STABLE EBITDA CONSOLIDATED POWER EBITDA $63m $68m $110m $103m $105m CAPITAL RAISING BANPU LESS THAN 35% INVESTORS SHAREHOLDER CAPITAL RAISING LOAN REDEMPTION FOR GROWTH GROWTH PIPELINE Other Asia-Pac Other ASEAN Greater Mekong Thailand Coal-fired Solar Biomas ++ Wind Vietnam Myanm Locs Loos Cambodia Philippines Indonesia Philippines China Japan SLG 1,320 MW BANPU Capacity presented on a 100% basis BLCP 434 MW Hongsa 1,878 MW Japan solar 82 MW Bontang 14 MW BIC 273 MW 948 tph • 2011 2012 2013 2014 2015 PPAs bring stability of earnings Hongsa full operation plus SLG will bring incremental EBITDA Power EBITDA contribution increased from 6% (2011) to 22% (2015) Power contribution % likely to increase • BANPU POWER Banpu Power will raise capital through IPO for domestic and international expansion Portion of IPO proceeds will also be used to repay loans from Banpu PLC, expand business in Thailand and offshore, and as working capital . • India China Under evaluation Development Operation Banpu's ownership Under development Hongsa in Laos 1,252MW** operational, + 626MW** expected by March 2016 Shanxi Lu Guang in China 1,320MW** expected by Dec 2017 China to expand to 546MWe*** by 2020 . Japan Solar 54MW AC equity developing with additional capacity *Bontang is a captive coal-fired power plant of ITM and not part of Banpu Power's asset portfolio **Capacity based on 100% basis ***Power capacity is derived from the 100% capacity of power and steam combined in MW equivalent#10Fundamentals (iii): power business cont'd CORE SKILLS • OVER TWO DECADES OF EXPERIENCE BANPU POWER SOLID TRACK RECORD Banpu: two decades of experience in Asian power THAILAND COCO 300 MW 1995 MORE THAN $5.1 BN* COMMITTED 2000 2.4 GW PROJECT ACROSS 2005 FINANCE REGION Japan*** BLCP 1.4 Laos 0.1 Thailand 2010 0.7 $5.1 0.7 2.4 Bn Hongsa GW 3.7 0.9 China Coco phase III (2000) Figures are on 100% basis Figures are on equity basis Demonstrated expertise and experience in project finance, project development and operations Dynamic leadership team for 'Banpu Power' with strong credentials *Investment costs **Equity capacity of power and steam combined in GW equivalent ***MW AC TECO BLCP HONGSA LAOS INDONESIA CHINA BONTANG LN.ZD.ZP Japan Solar JAPAN 38% 815 MW 770 tph Divested 700 MW Divested 700 MW 50% Coal fired (Banpu%) Gas-fired (Banpu%) 2015 Others • • 75-100% 50% 14 MW 0 248 MW 798 tph 1,434 MW 40% 1.878 MW 90% 10 MW + COAL-POWER SYNERGIES Phu Fai Mining Gaohe HONGSA POWER 22 14.3 Mtpa 1,878 MW 0.6 Mtpa Shanxi Lu Guang 3rd party 1,320 MW 2.6 Mtpa BANPU Two decades: pioneering private sector power developer in Asia 1993-2015 Diverse portfolio of power assets by geography, stage of development, revenue dynamics, partners • . . Competitive advantages from synergies with coal business for mine-mouth and other coal- fired power projects both examples of integration Hongsa and Gaohe - SLG are Bontang* 14MW captive coal- fired of ITM *Bontang is a captive coal-fired power plant of ITM and not part of Banpu Power's asset portfolio 10#11Fundamentals (iv): financial discipline CORE EBITDA RESILIENCE • EBITDA (US$ M) 1,040 974 BANPU LIQUIDITY CONSOLIDATED CASH (US$ M) 935 LONG TERM DURATION BANPU'S BONDS* Maturities (YEARS) Bubble size represents face value ($Bn**) 693 665 643 565 492 2010 2011 2012 2013 2014 2015 768 20 0.1 15 0.1 0.1 0.1 458 449 10 0.1 423 0.1 0.1 0.1 0.2 0.1 5 0.1 0.2 2010 2011 2012 2013 2014 2015 0 3.8 3.9 4.0 4.1 4.4 4.5 4.7 4.8 4.9 5.0 5.1 % INTEREST RATE **assumes FX of Bt35.47/$ Long-term bond duration of 9.5 years Banpu has been able to generate a robust EBITDA and cashflow despite c.56% fall in the coal benchmark price since 2011 • • Adequate cash on hand provides • strong liquidity cushion for operations and growth Prudent treasury and cash management * Bonds are issued during 2005-14 11#12Fundamentals (v): governance LEADERSHIP SUCCESSION BEST PRACTICE GOVERNANCE • Somruedee Chaimongkol Chief Executive Officer CG in DNA 2014 CG GO on the 2015 "Industry Leader" BANPU ROBECOSAM Sustainability Award Industry Leader 2016 SUSTAINABILITY LEADER 000 April 2015, Khun Chanin Vongkusolkit stepped down and handed the CEO post to former Chief Financial Officer Khun Somruedee Chaimongkol Peter Parry, former CFO of Centennial Coal, succeeded as CFO of the group • International best practice approach to investor relations: disclosure, transparency, value- weighted communication Banpu strives for best practice corporate governance and CSR Sustainable Development (SD) Policy: to create sustainable growth and development for society, the environment and stakeholders • • Banpu awarded Industry Leader 2016, Industry Mover 2016 and Gold Class 2016 Awards by RobecoSam for coal and consumable fuel sector Banpu member of Dow Jones Sustainability Indices • SET Sustainability Award 2015 12#13Coal business: 2015 in review INDONESIA • ITM: further SR cut 14% YoY from 10.1x to 8.5x; total cost reduced from $59/t to $49/t MONGOLIA Hunnu (100%) CHINA Gaohe (45%) Hebi (40%) COST REDUCTION ITM (65%) INDONESIA AUSTRALIA Centennial (100%) Operation Project PRODUCTIVITY IMPROVEMENT DEVELOPMENT & EXPANSION BANPU MONGOLIA • . . : Tsant Uul processing plant completed, government approval, commercial scale underway Unst Khudag : mining models completed, coal conversion and power facility under study Altai Nuurs: hydrology/environmental studies completed, government approvals CHINA • Gaohe: completed railway spur . to facilitate better market access Hebi: improved its underground working areas AUSTRALIA ⚫ Centennial: improved productivity levels through redirecting resources to higher margin operations; continued focus on cost control; long-term domestic contracts continue to roll-off, replaced with repriced contracts (e.g. Origin Energy) 13#14Power business: 2015 in review CHINA Mukawa Luannan Yabuki (COD 2018) 7 MW Awaji (COD 2017) 100 MW, 128 tph*** 8.4 MWA AC AC (COD 2018) 17 MW Onami AC (COD 2018) 16 MWAC Nari Aizu (COD 2018) 20 MWAC SLG (COD 2017) Zhengding 1,320 MW 73 MW, 370 tph 35 MW LAOS Hongsa 222 Zouping (COD 2015-16) 100 MW, 450 tph 1,878 MW 222 THAILAND BLCP 1,434MW Olympia 10MWAC Hino (COD 2016) 3.5 MWAC JAPAN Operational coal-fired Developing coal fired Operational solar Developing solar *Capacity based on 100% basis **Power 100% capacity is derived from the 100% capacity of power and steam combined in MW equivalent *** Steam **** Chilled water DEVELOPMENT & EXPANSION BANPU CHINA . BIC: Capacity expansion of BIC to 546MWe** by 2020 • Zhengding: 67MWe** expansion completed • Shanxi Lu Guang : approvals obtained JAPAN Japan Solar: secured 54MWAC equity, of which 50MWAC is under development . LAOS ⚫ Hongsa: COD first two units, 3rd unit scheduled for Mar 2016; 99% power dispatch achieved 14#151 Strategic review 2 Coal operations 3 Coal marketing 4 Power business 5 Financial summary 6 2016 and beyond BANPU 15#16Australia coal: building a stronger future... BANPU Portfolio ⚫ Optimisation Operational Excellence • . Angus Place - Springvale JV restructured to conserve cash in current weak export coal market •Angus Place & Newstan placed on C&M* to lower group unit costs Sub-leased Mannering to reduce C&M* costs ⚫ Restructured Myuna providing flexibility & spare capacity • Step Change Productivity programme driving sustainable productivity improvements across operations Investments in new generation equipment, with increasing automation, delivering productivity improvements • Note: cost and productivity impacted by Springvale approval delay and Myuna restructure Lower average production cost A$/t 53 52 49 49 Logistics Optimisation Customers • • Fully automated rail loading facilities Longer trains improving cycle times & unit costs Optimising domestic & export logistics to manage rail & port capacity . • • Domestic export balance maintained • Replacing legacy domestic contracts • Optimising sales mix to meet customer needs & improve margins Productivity improvement ('000) ROM t/employee Increased tonnage per capital** ('000) ROM t/A$M 46 11 10 40 10 32 24 2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014 2015 * C&M Care & Maintenance ** Capital includes employee and employee benefit costs; and capex for property, plant and equipment 16#17Australia coal: building a stronger future... 9 PROFIT BEFORE TAX FROM 2014 TO 2015 (A$M) 147 -52 152 65 CY2014 Sales volume Export sales price Costs & ASP optimization CY2015 ■ Following decision to restructure certain mines in late 2014 / early 2015, production was reduced by approximately 2.2 mt, reducing sales volume accordingly. ■ While export prices continued to weaken throughout 2015, Centennial benefitted from its balanced sales approach, with a deliberate focus on the domestic market - securing a net increase in sales as legacy contracts continue to roll-off. Accordingly, the domestic - export split improved to 62:38 (2014: 60:40). ■ ■ Despite reduced production capacity, Centennial has significantly improved production and productivity levels through a combination of redirecting resources (capital, men and equipment) to higher margin operations. Underscoring this improvement in productivity, all mines achieved record production milestones during 2015, with the group having achieved a ROM production record for the calendar year on a like-for-like basis for the second successive year. BANPU 17#18Australia coal: operational and financial summary BANPU 2015 OUTPUT (ROM EQUITY BASIS) 2015 output: 13.0 Mt Inglenook Airly Neubeck Newcastle Newstan NCIG PWCS Angus Place Mandalong Myuna Springvale NORTHERN OPERATIONS: 7.4 Mt (2016e: 7.8 Mt) KEY UPDATES Production 4Q15 Equity ROM: 2.5 Mt (down 23% YoY), with FY15 Equity ROM of 13.0 Mt (FY14: 15.2 Mt). Despite reduced capacity (Angus Place and Newstan on C&M and Charbon reserves exhausted), the group achieved significant cost improvements, production and productivity records. ASP 4Q15: A$63/t vs 3Q15: ~A$61/t-timing of contractual obligations. FY15 A$63/t (2014 ASP ~A$69/t) 4Q15 Sales volume down 25% QoQ, and 16% YoY. Domestic: export split 62%:38% (2014: 60%:40%) - responding to continued export price weakness. Clarence WESTERN OPERATIONS: 5.6 Mt (2016e: 5.7 Mt) Underground mine Δ Project C&M 4 Power station Port Road Rail Sydney ● Wollongong PKCT FINANCIAL SUMMARY 2015 YOY Sales revenue A$817M ▼ 29% EBITDA (pre FX) PBT (pre FX) A$118M A$(52)M 79% 119% A$(30)M 4Q15 A$177M A$7M QoQ ▼ 15% 80% ▼ 226% Unrealised FX 3 A$(0)M n.m. A$(0)M n.m. NPAT A$(36)M n.m. A$(21)M n.m. Gearing 38% (Net debt to net debt + book value of equity) Note 1: Mannering placed on "Care & Maintenance" November 2012 - benefiting from new production sharing arrangement with neighbouring mine. Note 2: NCIG = Newcastle Coal Infrastructure Group; PWCS = Port Waratah Coal Services; PKCT Port Kembla Coal Terminal. Note 3: Pre tax impact of A$ translation of US$ denominated net debt. Note 4: Newstan (1 August 2014) and Angus Place (February 2015) placed on care & maintenance. 18#19Australia coal: Northern operations quarterly output MANDALONG COAL OUTPUT (Mt)¹ CV: 6,700 kcal/kg² MYUNA COAL OUTPUT (Mt)¹ CV: 6,700 kcal/kg² NEWSTAN EXTENSION BANPU ■ Decision made to return mine to care and maintenance - effective 1 August 2014 8Mt Northern Coal Services state approval received, underpinning the Newstan extension project for when coal industry economics improve. 2.0 ■lılı 1.0 1.1 1.8 0.8 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16e LW3 MOVE SCHEDULE Mth 1 4 wks Mth 2 3 wks Mth 3 3 wks 2 wks 4Q14 1Q15 2015 3Q15 4Q15 1Q16e 2Q16e 0.5 0.5 0.5 0.4 0.3 4Q14 1Q15 2015 3Q15 4Q15 1Q16e COMMENTS Mandalong ■ Quarterly production down 58% QoQ, and down 26% YoY, with production impacted by a known dyke and a planned longwall changeover. 1Q16 – record ramp-up achieved. Myuna ■ Quarterly production down 26% QoQ and down 34% YoY - Restructured Myuna – to maintain production levels and provide greater flexibility utilising less resources. 1Q16 - producing to plan. Note: 1 ROM output on an equity basis 2 CV figures are air-dried basis 3 Longwall 19#20Australia coal: Western operations quarterly output SPRINGVALE CLARENCE OTHER OPERATIONS COAL OUTPUT (Mt) 1 COAL OUTPUT (Mt) 1 COAL OUTPUT (Mt) 1 CV: 6,700 kcal/kg 2 CV: 6,700 kcal/kg 2 CV: 6,700 kcal/kg 2 BANPU |0.6 0.6 0.6 0.6 0.6 0.7 0.6 0.7 0.8 0.5 0.5 4Q14 1015 2015 3Q15 4Q15 1Q16e 4Q14 1Q15 2015 3Q15 4Q15 1Q16e 0.2 0.3 TAME 4Q14 1Q15 2015 3Q15 4Q15 1Q16e COMMENTS Mth 1 Mth 2 Mth 3 LW 3 MOVE SCHEDULE 1 2 wk wks 12 -wks 3 wks 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16e 2Q16e Springvale: " Following lengthy delays in obtaining State and Federal mining approvals - the mine returned to full production in mid-October. Best ever ramp-up following longwall changeover (and approval delays), achieving several daily and a weekly production record during 4Q15. EDO challenging Springvale approval process Clarence: production up 15% QoQ and 15% YoY setting new quarterly, semi-annual and calendar-year production records - following the return of the overhauled FCT and the introduction of a new FCT operating regime, combining Clarence experience with that of FCT operators around the world. Airly: production down 13% QoQ but up 14% YoY setting a new calendar-year production record. Angus Place: production ceased mid-February 2015, with mine placed on C&M Charbon: mining ceased in mid-August 2015 (reserves exhausted) 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 20#21Australia coal: operating costs AVERAGE PRODUCTION COSTS A$/t 60 COMMENTS BANPU $54 $52 $51 $52 $50 50 $48 $49 $49 $46 $45 $44 40 40 30 20 10 10 FY13 1Q 2Q 3Q 4Q FY14 1Q 2Q 3Q 4Q FY15 2014 2015 Depreciation Open-cut contractor cost Coal handling & preparation Cash overhead General expenses Repairs & maintenance ■ Continued focus on cost control and productivity, driven by step-change in productivity programme and increasing LW automation ■ On a like-for-like basis, production and productivity significantly improved - but masked by: Stores & supplies ■ Labour * These figures do not include selling, distribution and royalty costs; based on 'sold' production approvals delay resulted in an extended longwall changeover at Springvale Mandalong traversing a known dyke, which was physically harder than previously experienced ■ Non-availability of Clarence's high-production FCT¹ panel undergoing major overhaul Despite these issues, all mines achieved record production milestones during 2015 1 Flexible Conveyor Train 21#22Indonesia coal: operational and financial summary OUTPUT 2015 (100% BASIS, SALEABLE COAL) 2015 output: 28.4 Mt 2016 target: 28.5 Mt East Kalimantan Kitadin Tandung Mayang 2.5 Mt Indominco 13.3 Mt Bontang Coal Terminal Bunyut Port Captive coal- fired power project KEY UPDATES ☐ " BANPU Indominco: 4Q15 production slightly lower than target due to high inventory at port stockyard area. Trubaindo: 4Q15 production lower than target due to weather condition Bharinto: 4Q15 production achieved according to target Kitadin Td.Mayang & Embalut: 4Q15 production achieved according to target Jorong: 4Q15 production is according to target Trubaindo 7.3 Mt Samarinda Central Kalimantan Bharinto Balikpapan 2.8 Mt Kitadin - Embalut 1.2 Mt FINANCIAL SUMMARY 2015 YOY 4Q15 QoQ Palangkaraya 'South Sales revenue Operation POWER ○ Project ▲ Operation COAL ▲ Project Kalimantan ☐ Banjarmasin Jorong 1.3 Mt Jorong Port (Net debt to net debt + book value of equity) CAPEX EBITDA US$1,589M US$258M 18% US$383M 0% NPAT US$63M 14% 69% US$(20)M US$66M 2% 180% Gearing n.a. n.a. US$23M US$6M 22#23INDOMINCO EAST WEST TDMY E BLOCK W BLOCK TDMY Indonesia coal: quarterly output INDOMINCO - BONTANG COAL OUTPUT (Mt)* CV: 5950-6250 kcal/kg** TRUBAINDO - BHARINTO COAL OUTPUT (Mt)* CV: 6550-6700 kcal/kg** EMBALUT AND JORONG COAL OUTPUT (Mt)* CV: 5800 kcal/kg** 4.1 4.2 4.0 10.3 0.6 0.7 0.6 02 10.3 3.8 3.8 0.6 0.3 0.4 EMBALUT 0.3 0.3 0.3 0.3 0.3 0.2 0.6 3.3 0.5 2.7 2.6 2.6 4Q14 1Q15 2015 3Q15 4Q15 1Q16e 2.3 0.8 0.7 0.7 0.5 0.9 1.9 0.6 CV: 5300 kcal/kg** 3.2 3.2 3.2 2.9 2.8 1.9 1.8 2.0 1.7 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16e 4Q14 1Q15 2015 3Q15 4Q15 1Q16e STRIP RATIOS (bcm/t) STRIP RATIOS (bcm/t) 24.4 10.4 6.6 3.8 20.7 17.1 17.5 14.0 14.4 14.8 11.4 9.5 8.3 7.3 7.8 7.0 4Q14 1Q15 2015 3Q15 4Q15 1Q16e Note: *Output figures are 100% basis **CV figures are air-dried basis TRUBAINDO BHARINTO JORONG 0.3 0.3 0.3 0.3 0.3 0.3 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16e STRIP RATIOS (bcm/t) 8.9 9.0 6.7 5.3 5.6 3.6 9.9 8.8 8.2 8.1 7.8 7.8 JORONG EMBALUT 11.3 13.8 10.9 12.6 12.0 10.5 7.0 5.5 5.4 4.6 4.6 5.1 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16e 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16e 23 BANPU#24Indonesia coal: total costs INDICATIVE AVERAGE TOTAL COSTS U$/t 70 $65 $61 60 $59 $60 $59 $56 $52 $52 $48 $49 50 $46 40 40 30 30 20 10 FY13 1Q 2Q 3Q 4Q 2014 FY14 1Q 2Q 3Q 4Q 2015 FY15 * Repair and maintenance, salaries and allowances, etc. Royalty SG&A expenses Depreciation & amortisation Other production costs* Mining cost BANPU COMMENTS ■ Continue to implement cost reduction - programs: Optimize strip ratios, reduce overburden distance, overhaul parts, IPCC optimization Lower explosive cost, ship-loading cycle time, barging negotiation ■ The fall in oil price by 46% in 2015 help ITM reduce costs further 24#25China coal: operational summary CHINA COAL 2015 PRODUCTION Gaohe (45%), Shanxi 10 Mt BEIJING OPERATIONAL UPDATES Gaohe BANPU 4Q15 production increased from 3Q15 due to new railway spur put into operation which could transport more coal to the outside Shanxi market and lowering coal price to meet the market. Selling price declined due to weak market demand and depressed macro economic situation in China. POWER Operation O Project COAL ▲ Operation ▲ Project Summary Hebi (40%), Henan Sales (Mt) 1Q15 1.6 2Q15 3Q15 4Q15 2.2 1.9 2.2 ASP (US$/t) 65 55 49 41 Revenue (US$ M) *** 94 107 87 91 1.45 Mt COGS (US$/t) 45 39 40 42 EBITDA (US$ M) 44 44 9 12 Hebi IQ15-1Q16 COAL OUTPUT (Mt ROM) 2.4 2.7 2.4 2.1 1.9 0.3 0.3 0.3 0.3 0.3 1Q15 2Q15 3Q15 4Q15 1Q16E Gaohe 1Q15 2Q15 3Q15 4Q15 1Q16E Hebi ** CV: 5300-6800 Kcal/kg* ** CV: 6500-8000 Kcal/kg* * Note: Output figures are ROM output (100% basis) ** CV figures are air-dried basis *** Exchange rate of 4Q15 is RMB 6.47/USD ☐ Underground working area improvements: enhance dust control system water spraying systems at working faces and conveyor load out places. ■ Cost reductions: HZTM continues to reduce cost in 2016, reducing working days for non-essential operations staff, including support functions and surface staffs. 25 55#26BANPU Mongolia coal: project developments TSANT UUL PROJECT OVEN PLANT INSTALLATION ■ Plant installation completed and obtained. government inspection approval. ■ Performed a series of test runs and obtained 5,000 liters of tar oil products. ■ Preparing technical pre-feasibility study and market study for commercial-scale project. UNST KHUDAG AND ALTAI NUURS PROJECTS Unst Khudag Project ◉ ◉ Completed updated geological and mining models Continuing water resource modeling and development Currently conducting preliminary feasibility program for coal conversion and power facility scenarios including technical and market related studies Altai Nuurs Project ■ ■ Completed hydrology and baseline environmental studies Obtained preliminary mining agreement approvals from the Mongolian Government 26#271 Strategic review 2 Coal operations 3 Coal marketing 4 Power business 5 Financial summary 6 2016 and beyond BANPU 27 27#28Global thermal coal market trends: 2016 vs 2015 BANPU SUPPLY TRENDS Production cuts move slowly. Sharp drop in oil price, FX and productivity gains help to reduce producer costs significantly. Low sea freight rates favor distant supply DEMAND TRENDS Economic slowdown and demand uncertainty in China and India are key market depressants but capacity additions boost demand elsewhere. Most buyers are increasing preference for higher quality coals due to steep falling coal price. USA: low gas prices; limited new coal buying due to high stockpiles; significant production cuts are required; uncompetitive in export market. Colombia: lowest cost supplier in Europe; depreciation of local currency improves competitiveness; social issues remain South Africa : depreciation of local currency improves competitiveness; continued political and social issues; limited rail capacity; uncertain expansion Russia significant cost reduction due to weaker ruble; increased competitiveness in Asia especially on high CV coal Indonesia: a big hit from China declines and India slow down; significant loss market share in China as they respond to the changes slower than Australia; huge oversupply on LCV coal Australia: take-or-pay continues to force producers to export more coal, cost reduction and currency depreciation assist Europe low gas price; gas-switching; growing environmental pressures; coal plant retirements and increased renewable energy will limit import demand India: import slowdown due to weak power demand and strong growth in domestic coal production; power distributor companies are facing losses and limit their ability to buy power; high coal stocks China: Industrial over-capacity, weak power demand, RMB depreciation, continued protectionism policy, but stabilizing coal prices Other Asia Philippines, Malaysia, Vietnam, South Korea and Taiwan are expected to commission 10-12 GW of new capacity this year Global Indonesia Australia Colombia Russia S.Africa USA Others Global China* India +10 Mt +2 Mt +| Mt Other N.Asia +8 Mt Europe Others +5 Mt +I Mt -3 Mt -6 Mt -4 Mt -7 Mt -25 Mt -30 Mt -18 Mt -30 Mt Note: *includes anthracite and lignite 28#29CHINA China thermal coal market review CHINA THERMAL COAL IMPORTS/EXPORTS* Unit: Mt 235 252 229 178 156 137 136 ■Import 18 11 8 6 5 4 4 2010 2011 2012 2013 2014 2015 2016F Sources: Banpu MS&L Estimates CHINA ANNUALIZED ACTUAL IMPORT IQ13-4Q15* Unit: Mt 251 242 244 270 284 232 199 201 153 160 167 145 Import 7 4 4 5 2 5 5 4 ■ Export 7765 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 CHINA DOMESTIC COAL PRICES Unit: RMB/t -> 5,800 kcal/kg > 5,500 kcal/kg 1,000 800 600 400 200 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Jall 14 Mar-14 May-14 Jul-14 Sep-14 Source: www.sxcoal.com/cn 17 February 2016 Note: *includes anthracite and lignite imports/exports BANPU ■ Export Nov-15 Jan-16 403 369 331 COMMENTS ■The reduction of energy consumption per unit of GDP, combined with air pollution control measures, points to a weaker trend in overall energy demand growth. ■ » Installed hydropower capacity is expected to continue moderate growth in 2016 while coal loses generation share Protectionism will continue with risk of new measures to assist domestic coal producers. ■ RMB depreciation is likely to continue " Coal prices are under pressure due to severe capacity overhang in coal industry and cost cutting ■ Coal industry reform is expected to move slowly to avoid social unrest ■Thermal coal imports face greater challenge from the government's air pollution control measures and the continuing development of ultrahigh-voltage transmission lines which will reduce coal demand in coastal area. -> 5,000 kcal/kg Nov-14 Jan-15 Mar-15 May-15 Sep-15 29 29#30India thermal coal market review INDIA INDIA THERMAL COAL IMPORTS* Unit: Mt 68 88 163 164 160 136 107 87 2010 2011 2012 2013 2014 2015 2016F Sources:: Salva Report India, Banpu MS&L Estimates INDIA ANNUALIZED ACTUAL IMPORT IQ13-4Q15 Unit: Mt 197 159 163 168 180 171 161 131 135 120 126 142 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 Note: *includes lignite grade imports (approximately 25% - 30%) BANPU COMMENTS India is now the world's largest thermal coal- importing country as China rapidly retreating from international market. Current government's reform measures to improve India's domestic coal production scenario are expected to slow coal import growth » Higher domestic coal production has increased coal stocks at plants and mines Government cuts coal import targets for inland utilities amid weak power demand conditions as a resulted of slower economic growth Strong increases in imports of petroleum coke for cement industry Power distribution companies are facing financial loss and limit their ability to buy power » Lower power off-take by distribution companies seems to be the key reason for the slowdown in coal imports But overall low energy cost and lower financing cost give GDP growth optimism 30 30#31Banpu group coal sales 2015 COAL SALES(1) SOURCE – DESTINATION ANALYSIS 2015 GLOBAL COAL SALES(2) 2015 BY REGION BANPU 8.7 Mt 0.6 Mt 4.0 USA 0.3 6.9 Mt 0.8 Mt 4.4 2.7 Mt 1.8 1.5 ITALY 1.2 CHINA S KOREA 5.1 JAPAN 2.3 Mt 5.4 Mt 2.9 Mt 0.3 Mt INDIA HK 1.2 1.I TAIWAN 0.7 Mt 0.2 0.5 THAILAND 2.1 Mt OTHERS Indonesia coal Australia coal China coal 0.3 Mt 3.7 Mt PHILIPPINES MALAYSIA INDONESIA 8.0 Mt AUSTRALIA India 11% Others 6% Japan 15% SE Asia 20% 45.4 Mt(2) Korea 6% Taiwan 5% (1) Excluding Mongolia coal (2) Sales from Indonesia are included on 100% basis, sales from Australia and China are included on equity basis Australia 18% China, 19%* ** *Illustrative target **Include coal sales from domestic production in China 31#32Banpu coal sales pricing status AUSTRALIA COAL 2015 Fixed Export 43% 45% Domestic: legacy 13.0 Mt* 2016e 12% Domestic: long-term export parity Unsold INDONESIA COAL 2015 2016e 28.4 Mt* 100% Fixed BANPU Unpriced 9% 8% Indexed 35% Unsold 9% 34% 7% 13.6 Domestic: legacy 43% Fixed Fixed Mt* 28.5 Export Mt* 32% 12% 11% Unpriced Domestic: long-term export parity Indexed 32 32#330 100 80 60 40 20 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 200 180 160 140 120 Jul-09 Jan-10 Jan-11 BANPU ASP VS BENCHMARK PRICES Unit: $/t Jul-11 Jan-12 Jul-12 Jan-13 Banpu ASPs vs thermal coal benchmark prices BANPU ITM ASP 4Q15 CEY ASP 4Q15 $55.6* A$66.1* (-3% QoQ) (+3% QoQ) NEX** February 18, 2016 $52.0 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 *Included post shipment price adjustments as well as traded coal ** The Newcastle Export Index (previously known as the Barlow Jonker Index - BJI) Monthly NEX Quarterly ITM ASP Quarterly Centennial ASP COMMENTS ■ ITM ASP eased due to general market weakness 4Q15 ASP was 3% down Q-o-Q Centennial ASP firmed, weakens on export has been protected by premium tier domestic pricing 4Q15 ASP was 3% up Q-o-Q ■ NEX benchmark prices remain weak 33 33#341 Strategic review 2 Coal operations 3 Coal marketing 4 Power business 5 Financial summary 6 2016 and beyond BANPU 34#35Banpu Power: another record year BANPU POWER: THE NEXT PHASE OF GROWTH BANPU POWER EQUITY CAPACITY UNIT: GW CONSOLIDATED POWER EBITDA UNIT: $M 2.3 2.4 1.6 1.0 2010 2015 2018 2020 THAILAND - BLCP • EBITDA remains strong despite maintenance of Unit 1-2 103 105 110 63 68 2011 2012 2013 2014 2015 BANPU ▪ 2015 was another record year for Banpu Power ■ Consolidated EBITDA up to $110M • • • LAOS - HONGSA Unit 1-2: commercial operation Unit 3: on plan; successful synchronization Grand opening ceremony by government of Laos CHINA - BIC & SLG • • BIC: EBITDA increased by 13% from 2014 due to lower coal price. SLG: preliminary design and construction bidding was completed; RMB 113M equity injection JAPAN SOLAR • Developing 7 projects with total equity capacity of 54 MW to start commercial operation in 2016-18, of which 50 MW is under development 35 35#36Thailand Power: BLCP in 4Q15 USD million Q-Q: -9.4% Y-Y: -4.8% Q-Q: -4.9% Y-Y: -5.7% 577.4 544-7 Q-Q: -14.0% Y-Y: -13.0% 243.1 231.4 70 56.1 50.8 139.9 133.1 3Q15 4Q15 2014 2015 Availability Payment (AP) 3Q15 4Q15 2014 2015 Total revenue Q-Q: -1.0% Y-Y:-7.2% 313.6 Q-Q-24.0% 183.1 Y-Y: -16.2% 291.2 78.1 77.4 36.2 27.5 153.5 14 12 BANPU 61 53 3 FX gain 74 58 4Q15 Loss 2014 12 FX 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 gain 13 2 Energy Payment (EP) EBIT FX --4 3Q15 Q-Q: -23.5 % Y-Y: -14.4% 183.1 156.8 99.3 99.4 98.3 99.0 3Q15 4Q15 2014 2015 Dispatch (%) 37.2 28.5 3Q15 4Q15 2014 2015 EBITDA Equity income FX 2015 Loss Based on Banpu's 50% interest 9th year of operation with steady cash flow and smooth operation Unit 1 and Unit 2 operated outside CAH* 180 hours similarly. 36#37Laos power: Hongsa project Overall progress approx. 99.6% on schedule (as at December 2015) USD million 26.4 23.6 25.0 35.7 84.4 3Q15 3Q15 4Q15 4Q15 4Q15 Total revenue Availability Payment (AP) 53.3 27.9 20.9 3Q15 4Q15 14.7 12.1 EBIT 53.5 3Q15 4Q154Q15 28.9 Energy Payment (EP) Progress in 4Q15 Unit 1 Unit 2 Unit 3 3Q15 4Q15 EBITDA Construction work 100% 100% 99% 93.3 96.1 93.6 9.8 Fx (8.9) 0.4 gain Commissioning Work 100% 100% 89% 9.4 Fx (5.5) Loss 3Q15 4Q154Q15 (3.4) COD Target COD on 2nd Jun'15 COD on 2nd Nov'15 COD target 2nd Mar'16 3Q15 4Q15 Dispatch (%) Equity income Unit 1 Unit 2 BANPU 37 37#38China power: BIC in 4Q15 (100% basis) BANPU BIC Luannan Sales* (USD m) EBITDA (USD m) Utilisation (hours) 49.1 47.9 5,906 5,903 21.5 18.8 Power tariff (RMB/kwh) Coal price** (RMB/t) Hebei Province Power 100 MW Steam 128 tph (Banpu 100%) 14.1 458 366 0.42 0.43 0.43 322 327 0.41 8.1 7.9 3.3 1,0431,730 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 Zhengding Hebei Province 52.4 27.4 423 48.4 22.2 7,892 6,583 329 Power 73 MW 15.5 8.8 Steam 370 tph 8.8 3.6 1,820 1,604 310 295 0.35 0.35 0.39 0.36 Chilled water 35 MW (Banpu 100%) Zouping Shandong Province Power 100 MW 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 70.6 68.9 22.4 22.9 6,498 6,276 559 453 427 417 16.6 19.2 2,003 0.40 0.41 0.42 0.41 6.2 5.2 1,469 Steam 450 tph (Banpu 70%) 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 3Q15 4Q15 2014 2015 Note: *Unaudited figures, ** Including transportation 3Q15 4Q15 2014 2015 38#39Shanxi Lu Guang update 2013 2014 2015 Project approval Finance JV formed 2016 Final approval by Shanxi 2017 Provincial DRC* Power plant Equity 222 30% 70% Debt Preliminary approval by Shanxi Provincial DRC* Banpu's contribution c.US$ 74 M Other approvals: water, land and EIA *Development and Reform Commission Equity drawdown Design and procurement Debt drawdown DDDD Weather monitoring for air cooling Construction and commissioning COD 1st unit COD 2nd unit Comments ■ Obtained final approval from Shanxi Provincial DRC in November 2015 ☐ BANPU Project is applying for grid interconnection approval** and construction permit Equity injection of RMB 112.5 m by Banpu in 2015 from total Banpu's contribution c. RMB 450 m. Shortlisted of 6 Banks to provide project finance to the project. ■ Preliminary design was completed in October 2015 Bidding for main equipment is completed. Continue with bidding for plant auxiliaries and other equipment. Preparation for construction of foundation for cooling tower, chimney and main work shop underway ** The interconnection approval is NOT the pre-condition for Shanxi Luguang to get the final project approval from Shanxi Provincial DRC 39 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.#40Japan solar update QD Awaji (COD 2017) Yabuki (COD 2018) 7 MWAC Hokkaido 8 MW AC Honshu Hino Tok okyo Shikoku (COD 2016) 3.5 MWAC AC & Kyushu Mukawa (COD 2018) 17 MWAC Onami (COD 2018) 16 MW AC Nari Aizu (COD 2018) 20 MWAC Olympia 10 MW AC Japan solar portfolio BANPU ■ Two additional projects added; Yabuki and Onami 54.1MWAC equity 2016-18 ■ 20-year PPA, ¥36-40/kwh tariff (c.¢29-32/kwh) Average capex of c.US$3.5M/MWAC ■ In process of adding additional capacity рос *Banpu effective ownership is between 40-75% Operation phase Construction phase Development phase 40 40#411 Strategic review 2 Coal operations 3 Coal marketing 4 Power business 5 6 Financial summary 2016 and beyond BANPU 41#42CORPORATE EVENTS EXTERNAL EVENTS DIRECT INDIRECT Key external and corporate events EU announced Bangkok interest rates bombing PBOC cuts incident unchanged 0.25% rates on one-year deposit rates to 2% and lending ADB cut GDP growth for rate to SEA from BOT hold PBOC devalued 4.85% 6.3% to 6.1% rate at 1.5% RMB by 1.9% China imposes ban HBA price on coal with dropped ash content 0.7% from June to step up control $59.16/mt on coal higher than 16% or Sulphur 1% FOB ADB PBOC cut interest rates by 25 bps to 4.6% BoT and ADB slash 2015 GDP growth forecast from 3% to 2.7% loak of the and BOT waits for signal to increase rate Goldman Sachs IMF poised to admit ADB RMB in elite expects higher PARIS2015 COP21-MP11 COP21 Paris's GDP for currency China at basket 6.9% agreed to 2°C temp increase target China GDP was 6.9% in 2015; expected 6.7% in 2016 *: China ARA, NEX, Goldman Indonesia's plans to RBC cuts NEX HBA coal dropped to 2016 $51-$58/t; forecast price drops 15% on year 75% below by 17% to level in $54/t to record low $57/t import 2008 crisis China to reduce ratio of coal in primary energy from 66% to 50% Indonesia cut production by 20% missed the target China Терсо China cuts CFP agreed with announced tariff by Glencore a no approval CNY floating of coal mines 0.03/kwh price for in the next imported coal three years 3Q15 4Q15 BOD's approval on BPP's listing plan on SET 2Q15 FS: THB M 54.3 net loss 2015 results presentation Banpu jointly bid on 2GW power plant in Indonesia with Ratchburi Electricity Generating Banpu re-selected for Announced DWJ Sustainability Bt 0.5/share Indices for 2nd dividend 3Q15 FS: THB M 72.3 net loss 3Q15 results presentation COD of Hongsa's 2nd year unit 1Q16 Credit rating agency affirms A+ with stable outlook for Banpu's senior unsecured debentures Announced 4Q15 Analyst meeting Bto.50/share 4Q15 SET 2H15 dividend Opportunity Day 2015 Result Announcement BANPU 42 42#43ASP NEX* Banpu group Q-Q revenue analysis: coal operations AVERAGE SELLING PRICE (US$/t) BANPU INDONESIA COAL (ITM) Domestic SALES (Mt) Export AUSTRALIA COAL (CENTENNIAL) CHINA COAL 100% basis Domestic Export SALES (Mt) Equity basis Domestic Export SALES (Mt) Equity basis 7.3 7.1 6.9 6.8 7.1 4.6 3.8 3.7 3.1 2.8 6.4 6.2 5.9 5.9 6.1 1.1 0.8 1.1 1.0 1.1 2.1 2.3 1.7 2.3 1.8 4Q14 1Q15 2Q15 3Q15 4Q15 4Q14 1Q15 2Q15 3Q15 4Q15 4Q14 1Q15 2Q15 3Q15 4Q15 64 66 60 59 53 63 61 57 56 53 4Q14 1Q15 2Q15 3Q15 4Q15 REVENUE (US$M) 100% basis 455 428 397 382 383 ASP NEX* AVERAGE SELLING PRICE (A$/t) 64 66 60 59 53 NEX* AVERAGE SELLING PRICE (US$/t) excl. VAT 64 66 60 59 53 67 64 64 61 63 ASP 65 65 55 49 45 4Q14 1Q15 2Q15 3Q15 4Q15 4Q14 1Q15 2Q15 3Q15 4Q15 REVENUE (A$M) Equity basis REVENUE (US$M) Equity basis 244 233 198 208 177 68 52 59 48 49 4Q14 1Q15 2Q15 3Q15 4Q15 4Q14 1Q15 2Q15 3Q15 4Q15 4Q14 1Q15 2Q15 3Q15 4Q15 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. 43 43#44Banpu consolidated sales revenues USD million Power Coal Australia Coal Indonesia USD million BANPU -2% Q-Q 3,145 -21% Y-Y 2,477 -21% Y-Y 168 957 169 Power +1% Y-Y 646 Coal Australia -32% Y-Y Power 744 598 588 +45% Q-Q +2% Y-Y 2,020 48 Coal Australia Coal Indonesia 1,661 212 34 49 -17% Q-Q -18% Y-Y 160 134 -37% Y-Y Coal Indonesia 484 404 405 0% Q-Q -16% Y-Y 4Q14 3Q15 4Q15 2014 2015 Note: Revenue from others is included in Coal Indonesia. 44 #4#45Banpu consolidated coal gross margin 2015 COAL GROSS MARGIN 4Q15: 30% USD million COAL GROSS MARGIN 2015: 32% USD million BANPU Indonesia Coal Australia Coal Gross margin: 35% Gross margin: 17% Indonesia Coal Gross margin: 35% Australia Coal Gross margin: 25% 462 388 396 1,950 1,610 212 957 646 160 134 34% 34% 35% 37% 35% 23% 28% 28% 17% 25% 4Q14 3Q15 4Q15 4Q14 3Q15 4Q15 2014 2015 2014 2015 ☐ Coal sales Gross margin#46Banpu consolidated EBITDA USD million +14% Q-Q 643 +2% Y-Y 105 492 BANPU -24% Y-Y 121 118 194 110 Power +5% Y-Y 106 Power +192% Q-Q 12 38 +217% Y-Y 21 13 137 Coal Australia 33 Coal Australia -29% Y-Y 30 26 -13% Q-Q -21% Y-Y - Coal Indonesia 324 Coal Indonesia 73 +5% Q-Q 247 62 65 -24% Y-Y -11% Y-Y - Coal China Coal China 4Q14 (0) 3Q15 4Q15 2014 2015 Power Coal Australia Coal China Coal Indonesia 46 46#47Banpu consolidated NPAT USD million 4 BANPU 83 (43) 73 24 FX gain (Banpu) US$24M Power Operating profit +1% Y-Y - Coal Operating profit - 43% Y-Y - Financial Charges 12 (2) (41) 74 Power Operating profit 18 ୮ +350% Q-Q 182 +800% Y-Y 69 27 Coal Operating profit 104 - 26 - 32% Q-Q 18 -74% Y-Y (33) (33) (32) Financial Charges (1)FX loss (Banpu) US$ 1 M (18) (15) Derivatives (132) (130) (34) Gas Oil ($9M) • FX Forward ($5M) (11) (38) • IRS* ($1M) ▪(5) Others (38) (61) . Mining property ($6M) • ITM additional tax ($36M) Other $4M 4Q14 3Q15 4Q15 (54) Derivatives • • Gas Oil ($16M) Coal swap ($8M) FX Forward ($29M) ⚫ IRS* ($8M) Others • • • Mining property ($22M) ITM additional tax ($36M) 2014 2015 • Other $4M Coal Operating profit Power Operating profit Financial charges Derivatives Other non recurring FX *IRS Interest rate swap 47 47#481 Focus: strategic review 2 Coal operations 3 Coal marketing 4 Power business 5 Financial summary 6 2016 and beyond 48 48 BANPU#49Coal business: 2016 and beyond • OPERATIONAL IMPROVEMENT Trubaindo infrastructure development (hauling road • improvement, bridge construction, etc.) Gaohe capacity ramp-up from railway spur completion PROJECT CAPITAL RATIONALISATION* $521M Mongolia Australia Indonesia $154M 2012-15 2016-20** * Limited to committed project capital ** Indicative plan subject to change BANPU BANPU EBITDA MARGIN IMPROVEMENT • • Rationalize production and sales volume by leveraging cost cutting efforts Expect to improve group EBITDA margin through higher blended coal ASPS and cost reduction OPPORTUNITIES FOR INORGANIC EXPANSION • Falling coal asset prices and distressed assets could bring acquisition opportunities 49#50Power business: 2016 and beyond 2.4 GW* COMMITTED CAPACITY BY 2020 BIC 477 MW* 2.4* BLCP 717 MW Japan solar 54 MW SLG 396 MW Hongsa 751 MW *with Hongsa and SLG fully operational IPO TO SUPPORT GROWTH Opportunity to raise fresh equity capital for organic and pipeline growth • Banpu actively evaluating new opportunities in coal, solar, bio-mass and hydro throughout Asia-Pacific BANPU 222 It BANPU POWER EXPANDING PROPORTION OF RENEWABLES • Long-term (2020) 20% renewables as % of equity MW portfolio • Renewables opportunities in Thailand, Laos, Philippines, India and China • Other investment and acquisition opportunities throughout Asia- Pacific LOWER EMISSIONS T • • Sub-critical technology at Hongsa power plant . Shanxi Lu Guang, operational in 2017, to utilize ultra-super critical technology Moving towards High Efficiency, Low Emissions technology ('HELE') for all new projects 50#51Banpu Power IPO rationale SA 08 Raise new equity capital to fund growth Two decades track-record as pioneer in Asia since 1993 Unleash full value potential from power business POWER IPO RATIONALE BANPU POWER Attractive diversity of power assets Direct performance reporting accountability & transparency Pursue extensive growth pipeline BANPU 15 51#52Appendices BANPU 52 52#53Capex CAPITAL EXPENDITURES* Unit: US$ M 717 INDICATIVE ONLY POWER 193 554 MONGOLIA 150 400 AUSTRALIA 170 INDONESIA 201 30 124 Actual 2012-2015 * Capex figures exclude maintenance capex Plan 2016-2020 BANPU •Includes Hongsa, SLG, and Japan Solar ⚫Tsant Uul development Altai Nuurs exploration • Limited to committed project capex for time being • IPCC and Bunyut Expansion 53 533 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.#54Indonesia coal gross margin 4Q15: 35% US$M 227 179 163 133 117 109 461 BANPU 396 388 31% 54 37% 44 52 45% 36% 34% 37% 27% 33% 39% 46% 41% 35% 12 12 9 15 16 20 17 48% 41% 42% 39% 28% 27% 32 36 51% 28% 16% 4Q14 3Q15 4Q15 Tandung Mayang Indonesia Coal 4Q14 3Q15 4Q15 4Q14 3Q15 4Q15 4Q14 3Q15 4Q15 4Q14 3Q15 4Q15 4Q14 3Q15 4Q15 4Q143Q154Q15 Indominco Trubaindo Bharinto Jorong Kitadin 54 54#55FX impact analysis guidance on P&L CURRENCY EXPOSURE NPAT IMPACT 4Q2015 (US$m) BANPU APPROXIMATE FX EXPOSURE (US$m) NET LIABILITY NET ASSET NPAT 5% SENSITIVITY 1Q2016 (US$m) Assuming 5% depreciation of local currencies against USD Slowly recovery GDP Banpu: THB bond and others -1 -170 ITMG: IDR asset and liabilities CEY: USD asset Net 0 O 0 -1 40 40 -2 8 ▪ Moderate growth ■ BI cut rate 25 bps in Feb 7 1 ■Moderate growth ▪ Weak commodity price 7 55 55#56Banpu gearing and foreign exchange structure BANPU DEBT FX STRUCTURE THB Fixed 34% AUD Float USD Fixed 32% USD Float 24% 7% AUD Fixed 3% Total gross debt: US$3.3 billion As of 31 December 2015 GEARING RATIOS Net debt/Equity¹ (x) 1.10 Net market gearing² (%) 52% Net debt/EBITDA (x) 4.2 1.40 1.18 54% 58% 5.9 4.4 2013 2014 2015 Note: 1 Net debt to book value of shareholders' equity 2 Net debt to enterprise value (enterprise value = net debt + market capitalization as at 31 December 2015) 56 56#57Banpu group EBITDA breakdown Unit: US$M 100% 152 112 106 121 BANPU & holding companies 1Q15 2015 3Q15 4Q15 65% Centennial Coal SITM AACI OVERHEAD HUNNU COAL Unit: AUD Mil 74 45 32 34 55 65 71 7 -3 -4 -2 -4 1Q15 2015 3Q15 4Q15 -1 -1 1Q15 2015 3Q15 4Q15 -1 -1 1Q15 2015 3Q15 4Q15 1Q15 2Q15 3Q15 4Q15 Indominco Gaohe All figures are 100% basis except for Centennial which is equity basis 44 22 21 35 45% 44 43 9 11 1Q15 2015 3Q15 4Q15 1Q15 2015 3Q15 4Q15 Trubaindo Hebi 20 16 25 25 0 4 1Q15 2015 3Q15 4Q15 40% -1 -2 1Q15 2Q15 3Q15 4Q151 Bharinto 3 3 6 3 1Q15 2Q15 3Q15 4Q15 Kitadin 4 13 12 5 1Q15 2Q15 3Q15 4Q15 Luannan BANPU Power & New energy BLCP 50% 40 52 37 31 1Q15 2015 3Q15 4Q15 HONGSA 13 29 55 40% -1 Zhengding 1Q15 2Q15 3Q15 4Q15 BIC* 24 13 13 21 1Q15 2015 3Q15 4Q15 70% Zouping 7 4 3 8 Jorong 1 2 1 1Q15 2015 3Q15 4Q15 12 4 4 9 1Q15 2Q15 3Q15 4Q15 6 6 6 5 1Q15 2015 3Q15 4Q15 3 1Q15 2Q15 3Q15 4Q15 Note: all ownership 100% unless otherwise shown. *BIC Banpu Investment China Consolidated NOT consolidated 57 57#58Banpu group net debt breakdown Unit: US$M 2,740 2,776 2,727 2,893 BANPU & holding companies 1Q15 2Q15 3Q15 4Q15 100% AUSTRALIA COAL 65% INDONESIA COAL 45% Centennial Coal Unit: AUD Mil Gaohe 717 720 730 739 BANPU CHINA COAL 40% 100% MONGOLIA COAL Hebi HUNNU COAL -10 -21 -15 -90 -3 -2 -2 -1 -273-284-344 -268 210 193 85 225 1Q15 2015 3Q15 4Q15 1Q15 2Q15 3Q15 4Q15 1Q15 2015 3Q15 4Q15 1Q15 2015 3Q15 4Q15 1Q15 2015 3Q15 4Q15 50% THAILAND POWER BLCP 40% LAOS POWER 100% CHINA POWER HONGSA BIC* 2545 2649 2502 2562 374 365 323 315 -6 -8 -9 1Q15 2Q15 3Q15 4Q15 1Q15 2Q15 3Q15 4Q15 1Q15 2015 3Q15 4Q15 Note: all ownership 100% unless otherwise shown. Consolidated NOT consolidated Net debt Net cash 58#59Banpu consolidated : operating profit BANPU Unit: USD million 2015 2014 YoY% Total sales revenues* 2,477 3,145 -21% Sales revenues - Coal 2,285 2,953 -23% Sales revenues - Power (BIC) 169 168 1% Cost of sales (1,672) (2,137) -22% Gross profit* 804 1,007 -20% Gross profit - Coal 742 935 -21% - Gross profit – Power (BIC) 65 55 18% GPM 32% 32% GPM - Coal 32% 32% GPM Power (BIC) 38% 33% Note: Including other businesses#60Banpu consolidated : operating profit Unit: USD million Gross profit BANPU 2015 2014 YoY% 804 1,007 -20% GPM 32% 32% SG&A (340) (400) Royalty (239) (303) Income from associates 52 87 Other income 26 44 Other expenses - Operations (-) (12) EBIT 303 423 -28% EBIT - Coal 207 334 -38% EBIT Power - EBITDA EBITDA Coal EBITDA - 96 89 8% 492 643 -24% 382 538 -29% - Power 110 105 5% 60 00#61Banpu consolidated : net profit BANPU 2015 2014 YOY% Unit: USD million EBIT 303 423 -28% Interest expenses (122) (121) Financial expenses (8) (11) Income tax (core business) (76) (88) Minorities (26) (74) Net profit before extra items 72 130 -45% Non-recurring items* (115) (43) Income tax (non - core business) (34) (11) Deferred tax income (expenses) 12 5 Net profit before FX (67) 80 n.m. FX translations Net Profit 24 3 EPS (US$/share) (43) (0.017) 83 n.m. 0.032 Note: Income from non-core assets and other non-operating expenses 61#62Banpu consolidated : operating profit Unit: USD million BANPU 4Q15 3Q15 4Q14 Q0Q% YoY% Total sales revenues* 588 598 744 -2% -21% Sales revenues - Coal 536 557 693 -4% -23% Sales revenues - Power (BIC) 49 34 48 45% 2% Cost of sales (407) (400) (514) Gross profit* 180 198 230 -9% -22% Gross profit - Coal 163 187 208 -13% -22% - Gross profit Power (BIC) 20 11 18 83% 13% GPM 31% 33% 31% GPM - Coal 30% 34% 30% GPM Power (BIC) 41% 33% 37% Note: Including other businesses#63Banpu consolidated : operating profit BANPU Unit: USD million Gross profit GPM 4Q15 3Q15 4014 Q0Q% YoY% 180 198 230 -9% -22% 31% 33% 31% SG&A (89) (78) (105) Royalty (48) (60) (70) Income from associates 14 Other income 10 55 (2) 20 Other expenses - Operations EBIT 67 69 73 -3% -8% EBIT - Coal 32 59 65 -46% -51% EBIT Power - EBITDA 35 10 8 250% 338% 121 106 118 14% 2% EBITDA Coal - 83 92 106 -10% -22% EBITDA Power - 38 14 12 171% 217% 63 63#64Banpu consolidated : net profit BANPU Unit: USD million 4Q15 3Q15 4Q14 Q0Q% YoY% EBIT Interest expenses 67 69 73 -3% -8% (30) (31) (31) Financial expenses Income tax (core business) སེངྒེ (2) (2) (3) (24) (14) (9) Minorities 6 (10) (10) Net profit before extra items 17 12 21 36% -19% Non-recurring items* (53) (20) (45) Income tax (non - core business) (16) (2) (7) Deferred tax income (expenses) (12) (10) 24 Net profit before FX (40) (20) (7) n.m. n.m. FX translations (1) 18 12 Net Profit (41) (2) 4 n.m. n.m. EPS (US$/share) (0.016) (0.001) 0.002 Note: Income from non-core assets and other non-operating expenses 64 50#65Centennial: income statement BANPU Unit: USD million Sales volume (Mt) Sales revenue 2015 2014 Y YOY% 13.0 15.5 -16% 646.2 956.77 -32% Cost of sales Gross profit (483.5) (692.39) -30% 162.7 264.38 -38% GPM 25% 28% SG&A (108.4) (156.20) -31% Royalty (43.7) (64.35) -32% Other income Other expenses 11.0 18.88 -42% (12.45) n.m. EBIT 21.5 50.27 -57% Interest expenses (26.4) (29.30) Financial expenses (3.2) (6.27) Gain (loss) on exchange rate (0.0) (0.80) Gain (loss) on derivative (30.0) (5.03) Deferred tax 11.1 (9.7) Net profit (27.0) (0.80) n.m. 65 55#66Centennial: income statement BANPU Unit: USD million 4Q15 3Q15 4Q14 Q0Q% YoY% Sales volume (Mt) 2.8 3.4 3.7 -18% -25% Sales revenue 133.7 160.2 211.9 -17% -37% Cost of sales (111.5) (115.4) (164.2) Gross profit 22.2 44.8 47.7 -50% -53% GPM 17% 28% 23% SG&A (24.3) (26.0) (32.6) -7% -25% Royalty (8.6) (10.8) (13.8) -20% -38% Other income 2.4 1.8 3.0 34% -19% Other expenses 0.17 EBIT (8.2) 9.8 4.5 n.m. n.m. Interest expenses (6.1) (6.9) (6.5) Financial expenses (0.9) (0.7) (1.6) Gain (loss) on exchange rate (0.2) 0.7 (2.8) Gain (loss) on derivative (6.2) (8.7) (4.0) Deferred tax income 11.1 (10.5) Net profit (10.5) (5.8) (21.0) n.m. n.m. 99 66#67Australia coal: quarterly equity ROM output Total equity ROM (Mt) LW move Mandalong (100%) Springvale (50%) ACTUAL PLANNED (INDICATIVE ONLY) BANPU 5.0 4.3 4.5 3.0 3.8 4.0 3.2 3.3 3.1 3.3 3.5 2.5 3.0 2.5 2.2 2.5 1.6 2.1 1.8 2.0 2.2 1.7 1.1 1.5 1.0 1.8 1.4 1.4 1.4 1.6 0.5 1.0 1.2 1.5 0.0 1Q15 2Q15 3Q15 4Q15 1Q16e 2Q16e 3Q16e 4Q16e 2015 2016e Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3 wks 6 wks Awaiting Approvals 3 wks Normal production 31 wks 3 wks Bolt-up/commissioning 2 wks LW relocation 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. NORTHERN WESTERN 49 67