#1Company Profile June 2021 отти PT BAYAN RESOURCES Tbk. DT608#2Section 1: S.AZ 1.98 Company Overview 05 CATERPILLAR PT BAYAN RESOURCES Tbk.#3Company Overview One of the largest and growing integrated coal producers in Indonesia Business / Activity Overview . • • • Bayan Resources ("Bayan" or "Company") is engaged in open cut mining of various coal mines located in East and South Kalimantan, Indonesia As an integrated coal producer, Bayan produces coal ranging from high CV to sub-bituminous low-sulphur, low-ash coal - In 2020 Bayan produced 30.2 Mt of coal, a slight reduction (5%) from 31.9 Mt in 2019 - In 2020 Bayan sold 36.3 Mt of coal, a 24% increase on the 29.2 Mt of coal sold in 2019. The increase is largely due to inventory built up in 2019 - With the completion of the coal hauling road to the Mahakam River in 2022, the Company plans to increase production to 60+ Mtpa The Company has exclusive rights to mine through five Coal Contract of Works (CCOWs) and 16 Mining Business Permits (IUP's) The Tabang Mine is Bayan's flagship asset today contributing more than 80% of the Group's coal production, is one of the most competitive coal assets in Indonesia and globally from a scale and cost perspective (1), and is uniquely positioned to expand capacity rapidly with very low levels of capex intensity • The Group's Reserves and Resources have been independently verified and certified to international 2012 JORC standards - As of 1 January, 2021, gross Resources stand at 3.61 billion tonnes, of which 1.74 billion tonnes are classified as Reserves • As an integrated coal producer, the Company has its own coal loading infrastructure complementing the logistical needs of Bayan's operations Financial Summary US$MM, unless stated otherwise 2018 2019 2020 1Q21 Production Volume (Mt) 28.9 31.9 30.2 9.0 Revenue 1,676.7 1,391.6 1,395.1 501.0 EBITDA (2) 736.4 374.4 356.7 254.8 EBITDA margin 43.9% 26.9% 25.6% 50.9% Operating Cash Flow 571.9 49.5 361.0 249.2 Capex (3) 79.6 59.5 87.7 33.2 Free Cash Flow (4) (10.0) 273.3 216.1 365.0 406.8 406.3 (99.2) 183.3 23.0 (198.5) Total Debt Net Debt / (Net Cash) (5) Capitalization and Credit Overview Share Price (IDR/share) (7) Shares Outstanding (mm). Market Cap (US$MM) (7) Net Debt/(Net Cash) (US$MM) Enterprise Value (US$MM) (5) 14,175 3,333 3,316 (199) 3,117 2018 2019 2020 1Q21(8) Net Debt/EBITDA (2) -0.1x 0.5x 0.1x (0.4x) Total Debt / EBITDA (2) 0.2x 1.0x 1.1x 0.7x EBITDA Net Interest Expense 755.1x 39.2x 9.8x 14.9x Notes (1) (2) (3) Per Wood Mackenzie independent industry report, showcasing Tabang total cash costs and production forecasts for 2019 EBITDA is calculated as net income before (i) interest expense (ii) income tax benefit (expenses) (iii) depreciation & amortization and (iv) impairment charges Capex based on cash flow statement (4) Free Cash Flow = Operating Cash Flow - Capex based on cash flow statement (5) 31 March 2021 results: Debt $406.3m less unrestricted cash $604.8m (6) US$ 1 IDR14,250 (7) Share price as at 15th June 2021 (8) EBITDA results based on Last Twelve Months (LTM) from 1 April 2020 until 31 March 2021 of US$545.1 million 3 PT BAYAN RESOURCES Tbk.#4ESG The Tabang Project is in the 2nd lowest quartile of emissions as assessed by Wood MacKenzie for worldwide coal producers ESG Activity Overview Emissions . The Tabang project, which contributes over 80% of the Company's: production, has been independently estimated by Wood Mackenzie to be 1001 Total Emissions (kTCO2e) per Asset • in the lower portion of the second quartile in terms of CO2 equivalent emissions of world coal production Tabang coal also has some of the lowest levels of sulphur, nitrogen and ash in the world resulting in a much cleaner burn in modern ultra/super critical boilers thereby reducing noxious pollutants - • The Bayan Group is currently using between 1.5 1.7 million barrels of diesel fuel in its operations per annum. Of this amount, 30% is biodiesel sourced from sustainable palm oil products • Out of our total concession area of 126,293 hectares, our outstanding disturbed areas represent only 2.9% or 3,712 Hectares of this area • The Company has implemented ISO 14001 Environmental Management Systems at the majority of its mining operations and maintains standards that are over and above the prevailing regulations in this regard . The Bayan Group has won a number of awards for the rehabilitation of its former mining areas and the marshlands allocated to it under its borrow- use forestry permits The Company has established an animal conservation centre in conjunction with the Indonesian government at its Tabang mine site that is used to rehabilitate protected species that have been rescued from captivity such as orangutans and Sumatran tigers Total Emissions 50k 80 70k 60 50% 40% Tabang 309 201 10: D 10% 10 20% 30% 400 50% 60% 70% 90 Centile (6) Total Emissions Environment / Rehabilitation 4 PT BAYAN RESOURCES Tbk.#5ESG (continued) The Company is the largest contributor to the remote communities near its mining operations ESG Activity Overview Community Development Activities . The Company and its contractors currently employ over 6,000 personnel • at its operations, many of whom are sourced from the surrounding communities The Company is also instrumental in providing schooling services, scholarships, water treatment plants, electricity, business training and opportunities and infrastructure to communities surrounding operations our • The Company is currently constructing a 85km public road in Kutai Kartanegara at a cost of approximately US$22.6 million; this is one of the largest privately-sponsored public works projects in Indonesia and will improve access and infrastructure for the remote communities living in the area • The majority of the external lighting used at the Tabang camp is solar powered and the Company has donated over 1,600 solar powered lighting poles to the surrounding communities • In 2020, the Company completed construction of a medical clinic at the Tabang Project at a cost of IDR 8 billion that is used to provide free health services to surrounding communities and mine staff • The Group has an Emergency Response Team that has been instrumental in assisting various disaster relief efforts throughout Indonesia including for the Lombok earthquake and the tsunami's that impacted Palu, Donggala and Pantai Barat Banten in 2018 and the Bengkulu flood and landslides in 2019. This included the contribution of equipment, medical personnel, medicines, food and other essential supplies • In 2020, the Company donated funds and personal protective equipment to various government agencies to assist in combating the COVID-19 pandemic PowerDirector 5 PT BAYAN RESOURCES Tbk.#6Significant Milestones Annual Production Volume (Mt) 2008: IPO on the IDX Bayan went public and listed its shares on the Indonesian Stock Exchange Acquisition 1997-2004: Laying the Foundation of multiple coal concessions and other companies, including Balikpapan Coal Terminal 1997: Founding Founding shareholders acquired a coal mining concession Kalimantan in East 2017: Tabang Ramp-up Achieved coal production of 21 Mt, doubled from previous year Tabang became the first coal mine in Indonesia 2019: Record coal production Expansion of the import jetty of BCT completed 2020: Record coal sales Bayan achieved sales of 36.3 million tonnes to utilize dozer push overburden operations on a commercial scale 2014: Tabang Start-up Bara Tabang achieved its first coal production removal 5.9 15.6 9.6 9.8 20.9 28.9 31.9 2018: Record year across all metrics Coal production of 28.9 Mt, EBITDA US$736.4MM, dividend of US$150MM Reached net cash position Consolidated interest in KRL to 100% 2014-2016: Investing in Infrastructure to Support Capacity Growth The haul road to Senyiur opened with heavy duty trailer hauling commencing Completion of the second barge loader at Senyiur jetty to allow for the capacity ramp up at the Tabang Project 2011: Kangaroo Acquisition Bayan acquired 56% of the shares in Kangaroo Resources Limited ("KRL") and its 13 mining concessions, including the North Concessions 2004: Establishment of the Group Bayan Group is established by the founding shareholders 6 Pakar 30.2 2022+: Further Expansion Completion of haul road to Mahakam River Expansion to beyond 60+ million tonnes per annum of PT BAYAN RESOURCES Tbk.#7The Evolution of Bayan Resources (1/2) Successfully developing the Tabang mine and the associated infrastructure on time and within budget has enabled Bayan to triple its production since 2016. Growth has historically been, and will continue to be, achieved at very low levels of capex Overview Coal Production and Strip Ratios • Bayan is committed to the development of the Tabang Concession and associated infrastructure, repositioning itself as a low cost, low strip ratio producer of low sulphur, low ash, sub-bituminous coal • The commencement of mining at Bara Tabang in 2014 and subsequent ramp-up of the Tabang concession have been instrumental in delivering Bayan: - - Production stability and tangible low capex brownfield growth with initial infrastructure development mostly completed; and - A significant decline in average strip ratios and group cash costs, driving EBITDA growth and some of the best EBITDA margins in the industry Any brownfield production growth at Tabang mine will be supported by internally generated cash flow, and remains discretionary assuming coal prices going forward are supportive, giving Bayan the flexibility to manage its growth • This has been achieved despite the external challenges posed by coal price uncertainty and volatility Mt 40 40 30 30 20 20 2020 production of 30.2Mt Perkasa Wahana Teguh Tabang Strip Ratio 31.9 30.2 28.9 20.9 5.1x 4.0x 4.8x 25.2 4.0x 22.7 24.4 3.4x 15.6 9.7 10 6.1 3.4 3.0 3.5 3.2 2.0 1.1 1.1 1.5 1.4 1.1 0.5 0 1.2 1.2 0.4 1.3 0.4 1.2 2016 2017 2018 2019 2020 21 10 Coal Sale Specifications (1) 512 310 Calorific Value 4,843 4,706 4,689 4,712 4,623 (kcal/kg GAR) Note (1) Based on a weighted average of coal sold 7 X PT BAYAN RESOURCES Tbk.#8The Evolution of Bayan Resources (2/2) Remained profitable, as well as operating and free cash flow positive despite the coal price lows, and being in the midst of the Tabang development Cash Margins (1) EBITDA and Margins US$/t US$MM 101.9 120 800 736.4 88.6 88.9 700 485.1 77.8 90 600 58.5 60.7 500 374.4 60 47.2 356.7 47.3 400 52.1 38.4 254.8 300 30 200 45.4% 43.9% 29.0 33.3 34.8 26.9% 28.8 100 25.6% 50.9% 23.3 0 0 2017 2018 2019 2020 1Q21 2017 2018 2019 Newcastle ASP Cash Costs EBITDA 2020 EBITDA Margin 1Q21 Operating Cash Flow ("OCF") US$MM 571.9 600 500 431.9 400 300 200 100 49.5 0 2017 2018 2019 Note Free Cash Flow (OCF - Cash Flow Based Capex) US$MM 600 494.5 500 395.9 361.0 400 249.2 300 273.3 216.1 200 100 -10.0 0 1Q21 -100 2017 2018 2019 2020 1Q21 (1) As the production from Bara Tabang continues to increase, the Group ASP has recorded higher discount to the Newcastle benchmark; However, given the low cost profile of the Tabang concession, the Group margin has expanded 8 PT BAYAN RESOURCES Tbk.#9Overview of Key Mining Assets Bayan owns and operates four key developed coal projects with associated infrastructure located in East and South Kalimantan 1 Tabang Concession (including North Pakar) (5) Location Mine Life (3) Bayan Ownership (6) Current Mining Method Gross Reserves Calorific Value (4) 2020/2019 Production LOM Strip Ratio Indonesia East Kalimantan 61 years 90% FSP and BT; 100% for all other Open pit / dozer push 1,475 Mt 4,127 kcal/kg GAR 24.4 Mt/25.2 Mt 3.8x Senyiur Jetty 4 4 Perkasa Inakakerta ("PIK") Location Mine Life (3) Bayan Ownership Gross Reserves Calorific Value (4) East Kalimantan 16.8 years 100% Open pit 19.5 Mt Current Mining Method East Kalimantan Mamahak Gunung Sari Jetty Pakar Project Samarinda 2 2020/2019 Production 5 LOM Strip Ratio Balikpapan KFT-1 (2) KFT-2 (2) BCT (1) 4,520 kcal/kg GAR 1.2 Mt 1.3 Mt 8.2x 2 Teguh Sinarabadi ("TSA") / Firman Ketaun Perkasa ("FKP") Location Mine Life (3) Bayan Ownership Current Mining Method Gross Reserves East Kalimantan 3.0 years 100% Open pit 9.6 Mt Calorific Value (4) 5,877 kcal/kg GAR 2020/2019 Production LOM Strip Ratio 3.2 Mt/3.4 Mt 13.8x Location Mine Life (3) Banjarmasin South Kalimantan 1Q21 Production Contribution 3 Wahana Baratama Mining ("WBM") 5 Gunungbayan Pratamacoal ("GBP") (7) South Kalimantan Location 9.0 years Mine Life 100% Bayan Ownership East Kalimantan Block 2 completed in 2019 95% Current Mining Method Open pit Block 2 depleted Notes Non-mining assets Undeveloped coal assets (6) Suspended assets (1) BCT refers to Balikpapan Coal Terminal (2) KFT are our floating transfer barges Bayan Ownership Current Mining Method Gross Reserves Calorific Value (4) 2020/2019 Production LOM Strip Ratio (3) Based on our remaining reserves divided by our coal production volume in 2020 (4) Calorific values are based on reserve only (5) Includes BT, FSP and North Pakar Concessions (6) North Pakar is held through Bayan's 100% holding in Kangaroo Resources Ltd (7) Based on internal estimates Open pit 12.1 Mt. 6,760 kcal/kg GAR 1.4 Mt 1.5 Mt 13.1x 9 TSA / WBM PIK 4% 3% FKP 10% Tabang 83% Gross Reserves Calorific Value 2019 Production 2019 Strip Ratio 6,454 kcal/kg GAR 0.4 Mt 14.1x 1Q21 Production: 9.0 Mt PT BAYAN RESOURCES Tbk.#10Reserves and and Resources Large reserve base, favourable IUP licensing and long remaining reserve life provides a solid growth outlook PT. BAYAN RESOURCES TBK & SUBSIDIARIES JORC RESERVES AND RESOURCES As at 1st January 2021 JORC (2012) Reserves Mineable Pit @ $80/t (@ 6,322 GAR) used for JORC Reserves³ JORC (2012) Resources Project Area Size Proved Probable Total (Hectare) CV TM IM Ash RD Quantity Million Tonnes Kcal/kg GAR % % % (ar) (adb) (adb) Sulphur gr/cc (insitu). Million Tonnes Stripping Ratio BCM/t CV Kcal/kg GAR TM Ash % % (ar) (adb) Total Sulphur % Measured Indicated Inferred Million Tonnes Total CV Kcal/kg % GAR TM IM % (ar) (adb) (adb) (adb) Ash Total % Sulphur gr/cc % (insitu) (adb) RD Tabang/North Pakar Project PT. Fajar Sakti Prima Tabang 3,775 82 111 193 4,340 32.7% PT. Bara Tabang 3,015 228 64 292 4,270 34.3% PT. Tiwa Abadi³ 4,996 286 197 483 4,180 34.5% 22.8% 24.3% 23.0% 5.9% 0.11% 1.28 201 5.7 4,340 32.6% 5.9% 0.12% 111 201 6 3.3% 0.11% 1.27 297 2.4 4,260 34.1% 3.6% 0.11% 242 78 ༈ 8 317 328 4.370 4,275 32.8% 21.8% 34.3% 24.0% 5.4% 0.12% 1.27 3.3% 0.11% 1.27 4.6% 0.11% 1.28 602 4.2 4,150 34:8% 4.7% 0.11% 377 289 294 959 North PT. Tanur Jaya 5,000 275 115 390 3,990 37.5% 20.0% Pakar PT. Dermaga Energi³ 3,784 80 37 117 Total 20,570 951 524 1,475 3,680 42.8% 18.5% 5.2% 4,129 35.7% 22.1% 4.6% 4.9% 0.10% 1.28 0.13% 1.28 0.11% 1.28 447 3.7 4,000 37.4% 4.8% 0.10% 302 157 215 674 172 2.8 3,710 42.1% 5.4% 0.13% 82 55 76 213 1,719 3.8 4,110 35.9% 4.8% 0.11% 1,114 779 599 2,491 4,116 4,150 34.6% 22.7% 4.9% 0.11% 1.29 4,000 37.5% 20.2% 4.8% 0.11% 1.26 3,705 42.2% 18.4% 5.5% 0.13% 1.22 35.8% 21.7% 4.8% 0.11% 1.27 BAS & South Pakar PT. Brian Anjat Sentosa¹ BAS 4,025 5 in 5 3,520 42.6% 28.7% 7.7% 0.16% 1.24 5. 4.1 3,520 42.6% 7.7% ·0.20% 18 19 34 37 3,850 40.3% 28.7% 4.8% 0.14% 1.24 PT. Orkida Makmur 1,061 PT. Sumber Api¹ 2,364 5 5 PT. Cahaya Alam¹ South 3,457 65 65 PT. Bara Sejati¹ Pakar 2,981 147 147 3,130 46.5% 14.4% 7.1% 0.21% 2,930 50.1% 13.5% 7.2% 2,980 50.0% 13.5% 6.8% 1.22. 0.19% 1.221 0.18% 1.22 156 585 2.6 78. 2.0 2.0 222 3,150 46.5% 7.2% 0.21%. 12 2,940 50.5% 7.3% 0.19% 112 75 2,980 50.0% 6.9% 0.18% 193 45 255 9 བསྐྲ 21 187 238 3,200 46.3% 13.4% 3,135 48.0% 13.3% 3,030 49.7% 13.2% 6.3% 0.22% 1.22 5.9% 0.22% 1.21 6.0% 0.19% 1.20 PT. Apira Utama 1,714 PT. Silau Kencana 4,774 20,376 222 222 2,981 49.8% 13.9% 6.9% 0.18% 1.22 244 2.1 2,982 49.9% 7.1% 0 335 148 483 3,141 48.2% 14.4% 5.9% 0 1.21 Total Other Mines PT. Perkasa Inakakerta¹ PIK 19,050 PT. Wahana Baratama Mining (Open Pit)¹ PT. Wahana Baratama Mining (Open Pit)² WBM 7,811 16 11 8 19 4,480 6. 12 6,760 31.4% 19.4% 4.5% 7.2% 4.9% 9.9% 1:53% 1.27 0.60% 1.31 22 19 8.2 4,520 31.7% 4.6% 1.56% 23 81 12 13.1 6,760 7.2% 9.9% 0.60% 47 41 23 22 3 126 91 4,475 33.1% 18.8% 6,590 7.1% 4.8% 4.1% 1.47% 1.27 8.9% 0.64% 1.31 PT. Wahana Baratama Mining (Underground) PT. Teguh Sinarabadi¹ PT. Firman Ketaun Perkasa¹ 0.0% 0.0% 0.00% 43 125 62 230 TSA/FKP 3,505 3 0° 4 5,890 2,490 1 5. 6 5,870 15.4% 12.6% 5.3% 0.96% 1.29 15.3% 12.7% 5.1% 0:96% 1.27 4 14.5 5,644 16.3% 5.3% 1.00% 22 43 8 73 8 13.4 5,623 16.3% 5.2% 1.00% 23 59 17 99 6,809 6,070 5,900 6.1% 4.4% 9.4% 0.60% 1.33 15.7% 12.5% 4.8% 0.97% 1.30 17.0% 14.0% 4.7% 0.91% 1.30 PT. Firman Ketaun Perkasa - West Block FKP West 10,220 PT. Gunungbayan Pratamacoal Block I PT. Gunungbayan Pratamacoal Block II 8,365 GBP 11,910 PT. Mamahak Coal Mining? 4,996 8 4 14 7,080 4.8% 2.0% 11.6% 1.62% 1.33 PT. Mahakam Bara Energi 5,000 Mamahak PT. Mahakam Energi Lestari 5,000 PT. Bara Karsa Lestari 7,000 Total Grand Total Notes: 85,347 22 19. 41 5,476 20.5% 13.6% 6.2% 1.12% 1.28. 44 .11.1 5,448 20.7% 6.2% 1.14% 160 357 116 634 6,090 126,293 973 765 1,738 4,014 37.1% 20.8% 5.0% 0.14% 1.27 2,007 3.8 4,002 37.3% 5.1% 0.14% 1,274 1,471 863 3,608 4.332 14.4% 9.7% 7.0% 0.89% 1.31 33.7% 18.6% 5.3% 0.26% 1.27 Reserves and Resources statement as prepared by PT. Runge PincockMinarco ("RPM") to JORC (2012) standard as at 1 January 2019, long-term coal price used US$80.0 per tonne (6,322 Kcal/kg GAR). Resources are inclusive of Reserves: 2019 and 2020 Actual Production has been deducted from Proved Reserves and Measured Resources to determine position as at 1 January 2021. 2 Statement of Open Cut Coal Resources as prepared by PT. New Resource Mine Consulting to JORC (2012) Standard as at 28 February 2015. There has been no mining on this concession since this date. Mineable Pit quantities and stripping ratio are based on practical pit shell and not reserves 4 Wahana Underground Resources statement as prepared by SRK Consulting China Ltd. ("SRK") to JORC 2012 standard as at 30 September 2019. Reserves and Resources statement as prepared by PT. Runge PincockMinarco ("RPM") to JORC (2012) standard as at 1 January 2021, long-term coal price used US$80.0 per tonne (6,322 Kcal/kg GAR). Resources are inclusive of Reserves. RPM advise that the difference between Mineable Pit quantities and Total Coal Reserves is the inclusion of Inferred category of Coal Resource.. In the Total Coal Reserve estimate, Inferred Resources have been treated as waste and therefore assigned the full value of waste costs and no revenue. Please refer to the Statement of Coal Resources and Statement of Coal Reserves (as at 1 January 2021) that provide more detail on the Resources and Reserves, and which include full copies of the Table 1 Reports per JORC (2012). This information can be accessed through the following hyperlink: CLICK HERE 10 PT BAYAN RESOURCES Tbk.#11Key Infrastructure (1/5) Bayan's key vessel loading infrastructure has been the cornerstone of the Group's growth strategy. The majority of the development in recent years has been focused on expansion of the Senyiur Jetty to support the Tabang mine ramp-up Key Assets Balikpapan Coal Terminal ("BCT") Land- based Coal Terminal AEGEAN BULK Overview ✓ One of the largest coal terminals in Indonesia; handled more than 217 Mt of coal and loaded more than 3,864 vessels since 1995, supporting Tabang and TSA/FKP 2 x Shiploaders rated at 4,000 tph each ✓ Current handling throughput capacity of 24.0 Mtpa expanding to 40 Mtpa+ with the addition of a new out loading jetty, shiploader(s) and in loading capacity. ✓ Stockpile capacity of c. 1.0 Mt (across 14 stockpiles), further expansion being completed in 2021 to c. 1.5Mt ✓ Can fully load large Panamax vessels and partially load Capesize vessels ✓ Managed by Dermaga Perkasapratama, 87.4% owned by Bayan Kalimantan Floating Transfer facility ("KFT") BEA HERMES 11 2 x Floating Transfer facilities KFT-1 and KFT-2 currently both support Tabang coal mining operations and are located offshore Balikpapan. KFT-1 is able to unload / shipload 4,000 tph and has stockpiling capacity of 45 kt KFT-2 is able to unload / shipload 6,000 tph and has stockpiling capacity of 60 kt Either can be moved to take advantage of location and avoid bad weather and can be positioned to load Capesize vessels Managed by Muji Lines / Bara Tabang PT BAYAN RESOURCES Tbk.#12Key Infrastructure (2/5) The majority of the development in recent years has been focused on expansion of the Senyiur facility Key Assets Overview Senyiur Jetty Gunung Sari Jetty 12 Barge Loading Facilities Senyiur Jetty supports the Tabang coal mining operation. The facility has a combined capacity of 12,000 tph with 3 barge loaders and has stockpiling capacity of 1,000 kt Has 7,000 tph crushing capacity, equivalent to 25 Mtpa Located on the Kedang Kepala River. Connected by a 69 km long coal haul road Has the ability to load barges (up to 300 ft; 7,500 Mt) Most of the year, barges directly go to BCT (368 km); Only part of the year requires transhipment - barges travel to the Mahakam river (94 km) where transhipment facilities load coal to larger barges and on to the BCT (274 km)/KFT-1/KFT-2 (256 km) Managed and 100% owned by Bayan Barge Loading Facilities Gunung Sari Jetty supports Tabang coal mining operation. The facility has crushing capacity of 2,000 tph, stockpiling capacity of 700 kt is able to load barges at 2,000 tph ✓ Located on the Belayan River and approximately 24 km from mine site by haul road Has the ability to load barges up to 230 ft (approx. 3,000 Mt) Barges travel to the Mahakam river (181 km) where transhipment facilities load coal to larger barges (300 ft; 7,500 Mt) and on to the BCT (288 km) Managed by Indonesia Pratama, 100% owned by Bayan PT BAYAN RESOURCES Tbk.#13Key Infrastructure (3/5) The Tabang infrastructure has been designed to allow flexibility and build in redundancy Key Assets Overview Intermediate Crushing Facility / Coal Pads Barge Transhipment Facilities 13 Interme- diate Crushing Facility / Coal Pads Coal mined is trucked to the Intermediate Crushing Facility or ROM Pads located 2 - 7 km from mine Coal is stockpiled, crushed (in the case of the ICF and ROM pad 2) and reloaded onto: (1) 75 ton trucks and transported to barge loading facility at Gunung Sari Jetty, or (2) between 200 to 220 tonne trucks and transported to barge loading facility at Senyiur Jetty ICF: 2,000 tph crushing capacity, stockpile capacity of 650 kt for ROM and 700 kt crushed coal ✓ Coal pad 2: ROM coal stockpile capacity of 550 kt; 2 x 1,500 mt/hr screening and crushing lines and 10x Truck Loading hoppers Coal pad 3: stockpile capacity of 200 kt; Barge Tran- shipment Facilities The Company operates 3 barge transhipment facilities (combined 3,750 tph) at the confluence points of the Mahakam and the Belayan / Kedang Kepala Rivers Total capacity of approximately 15 million tonnes per annum These facilities are used to tranship coal from smaller barges to larger barges or top up partially loaded barges PT BAYAN RESOURCES Tbk.#14Key Infrastructure (4/5) Bayan is currently constructing a new coal haul road and barge loading facility to facilitate the next level of expansion Key Assets Overview Coal Haul Road to Mahakam River (Under Construction) Mahakam River Barge Loading Facilities (Under Construction) 14 Coal Haul Road ✓ In December 2019, the Company commenced construction of a 101km all-weather coal hauling road which will link the Tabang mine directly to the Mahakam River The road will be paralleled for the majority of this distance by a public road that the Company is also constructing The hauling road will have 7 bridges and over 150 culverts The Company plans to utilise 200-220 mt payload double trailers along this road to optimise its coal production ✓ The road is scheduled to be completed in 2022 Barge Loading Facilities The Company has commenced construction of the barge loading facility on the Mahakam River In the initial phase this will have 3 x 4,000 tph barge loaders The facility will also initially have 3 x Side Dump for the receiving of coal trucks that will have 2 x 2000tph crushing capacity each There will also be 3 x 4,000 tph 5km overland conveyors linking the side dumps to the barge loaders This barge loading facility will be used to load 300' barges with 7,500 8,000 MT The facility will also include other supporting infrastructure including a camp, mess, workshops, fuel receiving jetty and fuel tanks PT BAYAN RESOURCES Tbk.#15Key Infrastructure (5/5) Established and Company owned infrastructure supporting sustainable operations going forward Key Assets Overview TSA Jetty Barge Loading Facilities Ship Loading Facilities ✓ TSA Jetty supports TSA / FKP coal mining operation. The facility is able to barge load 2,000 tph and has stockpiling capacity of 100 kt ROM, 120 kt crushed coal and 1 x 1,000 tph screening and crushing facility Located on the Mahakam River and approximately 20 - 25 km from mine site by haul road Has the ability to load barges (up to 300 ft; 7,500Mt) Barging down the Mahakam River to BCT 463 km 100% owned and managed by Bayan WBM Jetty supports WBM and 3rd party coal mining operations. The facility is able to barge load 3,000 tph and has stockpiling capacity of 360 kt Coal processing plant - 520 kt crushed coal and 2 x 500 tph crushing ― Approximately 21 30 km from mine site by haul road Has the ability to load barges (up to 300 ft; 7,500Mt) Barging to offshore transhipment point for loading km 100% owned and managed by Bayan 20 PIK Jetty supports PIK coal mining operation. The facility is able to shipload 4,000 tph and has stockpiling capacity of 360 ROM, 260 kt crushed coal and 2 x 500 tph screening and crushing lines Coal haulage from mining location to the Jetty of 15 - 20 km WBM Jetty Barge Loading Facilities PIK Jetty 15 ✓ Has the ability to load Handy / Panamax vessels ✓ 100% owned and managed by Bayan PT BAYAN RESOURCES Tbk.#16Industry Positioning A key player in the Indonesia coal landscape Remaining Reserves (2020) Remaining Mine Life (2020)(1) MT 3,500 3,180 3,000 2,605 2,500 Years 150 128.2 100 2,000 1,738 57.5 1,500 1,074 1,033 50 32.0 30.8 1,000 498 19.7 312 17.0 15.1 500 0 PTBA Bumi Bayan Adaro Golden Kideco ITMG Energy PTBA Bayan Bumi Golden Adaro ITMG Kideco Energy Source: Wood Mackenzie, Company Data 2020 Strip Ratio Source: Company Filings, Company Data, Wood Mackenzie 2020 Production X MT 15 100 81.1 10.1 80 10 7.7 54.5 60 5.7 3.8 4.0 4.0 4.4 5 2.4 0 Tabang Adaro Bayan Golden PTBA Kideco BUMI 20 0 ITMG Bumi 420 33.5 33.0 40 30.2 24.8 18.4 Energy Golden Energy Kideco Bayan PTBA ITMG Source: Company Filings, Company Data Note (1) Remaining Mine Life is calculated as Remaining Reserves divided by 2020 Production 16 Source: Company Filings, Company Data PT BAYAN RESOURCES Tbk.#17Industry Positioning (continued) Some of the highest margins amongst our peers 2020 EBITDA 2020 EBITDA Margin US$mm % 1,000 883.0 40 34.8 800 30 25.6 25.3 598.8 600 356.7 20 16.3 15.8 13.9 12.9 400 300.6 187.0 160.7 148.0 10 200 0 0 Adaro Bumi Bayan PTBA ITMG Kideco Golden Adaro Bayan PTBA Bumi ITMG Energy Golden Kideco Energy Source: Company Filings, Company Data Source: Company Filings, Company Data 2020 Net Profit US$mm 400 344.5 300 165.2 158.5 200 95.9 75.4 2020 Net Profit Margin % 30 30 24.7 20 20 100 37.8 10 0 13.9 9.0 6.3 6.0 3.2 -100 Bayan PTBA Adaro -200 Golden Kideco ITMG Energy Bumi 0 Bayan PTBA -300 -10 Golden Adaro Energy Kideco ITMG Bumi -400 (293.9) (8.0) Source: Company Filings, EBITDA estimated using Company Data 17 Source: Company Filings, Company Data PT BAYAN RESOURCES Tbk.#18S.AZ 1.98 Section 2: Key Highlights 05 CATERPILLAR PT BAYAN RESOURCES Tbk.#19Key Investment Highlights 1 Owner and Operator of the Sizeable Tabang Mine, One of the Most Competitive Coal Mines in Indonesia and Globally 2 Strong Domestic and Regional Demand Dynamics for Indonesian Coal PT BAYAN RESOURCES Tbk. 7 30 3 5 4 Established and Integrated Owned Mining Infrastructure Allows for Low Cost, Organic Capacity Expansion Sustainable Platform with Incremental Brownfield Growth Opportunities with Minimal Capital Expenditure Required Strong Relationships With a Geographically Diversified Portfolio of High- Quality Customers Sustainable and Attractive Dividend Payout Enabled by Robust Balance Sheet and Strong Free Cash Flow Generation Strong Management Team Backed by Robust Corporate Governance Policies and Supported by Reputable Shareholders 19 PT BAYAN RESOURCES Tbk.#201 Owner and Operator of the Sizeable Tabang Mine, One of the Most Competitive Coal Mines in Indonesia and Globally Sizeable reserve base, established infrastructure, an “in demand" coal product, and a cost structure delivering consistently strong margins. All operating licenses issued pursuant to the current regulatory regime, hence no license conversion risk(1) Bottom Quartile Global Cost Competitive Positioning (3) Total Cash Cost - energy adjusted @ 6,322 kcal/kg (US$/t) - 2019 Sizeable Reserve Base as of beginning of 2021 Reserves (Mt) Resources (Mt) IUP Term I BT Q1 Q2 FSP Q3 Q4 BT 292 328 By 2028 (1) North Pakar FSP 193 317 By 2035 (1) Tabang TA (2) 483 959 By 2038 (1) TJ (2) 390 674 By 2040 (1) DE (2) 117 213 Exploration stage In Demand Low-ash, Low-sulfur Product Seaborne Export Supply (Mt) kcal/kg GAR Ash Sulphur Nitrogen Australia Indonesia ■Tabang ROW Bayan Ultra Coal (BUC) 4,000 - 4,250 -3% typical 0.1% <0.8% Source: Wood Mackenzie Fast Production Growth with Low Strip Ratios Delivering Consistently Strong Group Margins (4) MT X US$/t 60 3.1x 2.6x 70 58.5 2.4x 3. 2.4x 52.1 40 47.2 47.3 40 1.5x 28.9 31.9 30.2 2. 38.4 40 40 20 20.9 9.0 1 25.2 24.4 15.6 22.7 33.3 34.8 29.0 28.8 7.5 0 0 10 23.3 2017 2018 2019 2020 1Q21 2017 2018 2019 2020 1Q21 Tabang Mine Other Bayan Mines Tabang Strip Ratio -ASP - Cash Cost Notes (1) Under the Mining Law 4, Bayan's IUPS may be extended for two additional 10-year terms after the initial term ends. FSP has already been extended for one 10-year term, so one 10-year term remaining (2) Part of the North Pakar Concessions within the Tabang Project. (3) Global seaborne coal supply curve, 2019. Cash costs derived independently by Wood Mackenzie, inclusive of royalties. (4) Average selling price ("ASP") for coal only and cash costs on consolidated Group basis. 20 20 PT BAYAN RESOURCES Tbk.#211 Owner and Operator of the Sizeable Tabang Mine, one of the Most Competitive Coal Mines in Indonesia and Globally Consistently driving down costs through management initiatives. Bayan does not own the trucks or mining equipment, hence capital costs pertaining to equipment maintenance / replacement are borne by third-party independent mining contractors Management Initiatives Keeping Costs Structurally Low Constant dialogue and interaction with third- party contractors Use of more efficient mining techniques, such as employing the use of geotechnical radars, dozer push mining methods, and optimized road haulage of coal ם Centralized Fuel Purchasing Dozer Push Mining Method GeoTechnical Radars Optimized Road Haulage 052 0000-000 21 PT BAYAN RESOURCES Tbk.#222 Strong Demand Dynamics for Indonesian Coal Domestic Indonesia's consumption of domestic coal for power generation will continue to grow, driven by increasing electrification to meet power demand from the growing population and government policy that favours coal-fired power generation Electricity Consumption per Capita Electricity Capacity and Demand GW, TWh MWh per Capita 15 452 418 11.0 10.9 300 510 386 10.1 357 8.7 328 304 10 7.6 6.0 200 235 253 275 340 4.9 4.3 88 97 104 110 117 128 5 2.7 1.6 1.0 0.8 100 58 63 82 0.5 0.3 0.2 3 8 27 134 42 50 55 62 74 170 55 55 55 55 55 55 55 55 55 0 South Brunei Japan Malaysia Thailand Indonesia Pakistan Myanmar 0 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Korea China Vietnam Philippines Cambodia Kong Existing Capacity (GW). Electricity Demand (TWh) Additional Capacity (GW) Taiwan Singapore Hong Today, Indonesia uses less electricity per capita compared to developed countries Indonesian Electricity Generation Dominated by Coal TWh 600 Growing population, rising income per capita and a low electrification ratio are expected to drive significant growth in electricity demand Coal to Continue Accounting for over 50% of Fuel Type Fuel Type Projection in the Electricity Sector 2017-2025 400 200 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 ■Coal Gas (Including LNG) Oil Geothermal Hydro Other renewables Import Coal accounts for over 50% of the energy share in Indonesia Source: Wood Mackenzie, broker research 22 Geothermal 5.8% Hydro Others 5.8% 0.6% Hydro 10.9% Others 2.0% Oil 8.5% Geothermal 9.6% Oil 2.0% Other Gas 2017 17.7% Coal 53.6% 2025 Coal 50.5% Other Gas 17.0% LNG 8.0% PT BAYAN RESOURCES Tbk.#232 Strong Demand Dynamics for Indonesian Coal Regional Indonesian coal is well placed to serve the growing regional markets, particularly in SEA and India. Its low-sulfur and low- ash content also makes it highly sought after by power generators that need to meet mandated emission standards Indonesia has Proximity to Key Regional Import Markets China South Korea Japan Hong Konga Taiwan India Thailand Vietnam Philippines Malaysia Indonesia One of the Lowest Cost Producing Markets Globally Average Cost of Coal Production (US$/t) (1) 80 60 40 20 0 22 32 49 58 Tabang mine Colombia Indonesia South Africa Source: Wood Mackenzie, Global Coal Plant Tracker 60 62 Australia USA 66 99 Canada Indonesian Coal has Lowest Impurity Content Globally Ash (%) Total Sulphur (%) 30% 2% 1.32% 0.67% 15% 0.13% 0.47% 10.40% 3.5% 5.0% 6.0% 0.30% 11.1% 0.70% 0.39% 11.6% 13.0% 0.51% 0.68% 17.8% 15.2% 8.9% 9.6% 1% 0% 0% 4200 L ■Ash ◆ Total Sulfur Tabang Indonesia IC14 Colombia United Canada Russia FOB Australia South mine States Newcastle Africa Growing Regional Markets in SEA and India Global Seaborne Thermal Coal Import Demand 2017-2025E CAGR (%) 12 6 0 (6) (12) 669 78 (7.1) China 67 China Notes (1) As of 2019, on energy adjusted basis, according to Wood Mackenzie independently derived seaborne coal cash cost curve. (2) Japan, South Korea, Taiwan. 23 (1.2) Rest of World 0.2 JKT (2) 3.1 India Coal Fired Power Stations Build in Regional Markets 7.3 SEA # of Stations 90 47 45 50 41 27 20 9 19 16 4 9 3 1 4 2 0 India Indonesia Vietnam Bangladesh Philippines Thailand Cambodia Myanmar ■Construction ■Announced + Pre-permit + Permitted PT BAYAN RESOURCES Tbk.#243 Established and Integrated Owned Infrastructure Allows for Low Cost, Organic Capacity Expansion Tabang infrastructure is complete, with discretionary low capex brownfield growth available if the environment is supportive Capacity (Mtpa) 60+ Direct BCT: 368km 69 km Haul road Tabang Mine Senyiur Jetty Barging 94 km Barging BCT: 274 km KFT-1/2: 256 km BCT Transshipment KFT-1 30+ KFT-2 102 km Haul road (1) Barging 181 km Barging BCT: 288 km Haul road(2) 24 km Transshipment Gunung Sari Jetty Mahakam River Port Facilities at Muara Pahu Barging Today Upside Established mine to port infrastructure owned by Bayan. Haul trucks and barges owned / operated by trusted third party contractors Notes 20-25 km Haul road Teguh mine Teguh (TSA) Jetty Barging 463 km Wahana mine 21-30 km Haul road Barging 20 km Wahana (WBM) Jetty 15-20 km Haul road Perkasa mine Perkasa (PIK) Jetty Direct shiploading to Handy / Panamax Vessels Capacity (Mtpa) 40+ 24 BCT Today Upside 8-10 Floating crane Today 8-10 (1) Bayan is in the process of permitting and designing a haul road from the Tabang mine direct to the Mahakam River, which would allow Bayan to minimize its reliance on the seasonal rivers served by the Senyiur and Gunung Sari Jetties, to barge our coal from the Tabang mine to BCT or floating transfer barges. Road construction is expected to complete in 2022. (2) Public haul road to Gunung Sari Jetty. 24 Today PT BAYAN RESOURCES Tbk.#254 Sustainable Platform with Incremental Brownfield Growth Opportunities with Minimal Capital Expenditure Required Bayan has the ability to exploit a number of brownfield opportunities at the North Pakar Concessions, and capitalize on existing infrastructure, thus substantially reducing ancillary development and operating costs. Further Growth Strategy Capex Intensity by Country (1) Asphalting of the Senyiur coal haul road commenced in 2017 and has been completed in 1Q 2021 US$/t Tabang Capacity Growth 250 60+ New coal haul road to the Mahakam River commenced construction in December 2019 with scheduled completion in 2022 New barge loading facility being built directly on the Mahakam River Upgrading of inloading and export jetty at Balikpapan Coal Terminal completed in 2020 with current 24mtpa of capacity 200 Today Upside ...Unlocking tangible capacity upside at US$11/ton (2) 150 Further upgrade of stockpiling capacity at Balikpapan Coal Terminal which will be complete in 2021 Budgeted capital expenditure of approximately US$407MM between 2020-2023, of which US$321MM will be on expansion to produce and handle an additional 30+ mtpa of capacity and US$86MM on sustaining and maintenance Includes the newly planned expansion of Balikpapan Coal Terminal to include a second shiploading berth and additional unloading cranes, currently anticipated to be completed by end of 2023 100 50 50 130 110 96 98 85 71 65 50 50 0 Tabang Mine 23 11 13 Indonesia Western US US Illinois Basin Source: Wood Mackenzie US Alaska Venezuela China Mongolia US Appalachia Notes (1) Capex intensity by country based on Wood Mackenzie calculations, based on 2012 real dollars. (2) Tabang capex intensity based on Company calculations using US$320MM growth capex divided by the estimated incremental 30 Mtpa production / sales capacity that the capital investment would provide. 25 Chile 175 159 161 Colombia South Africa Canada Mozambique Russia Australia PT BAYAN RESOURCES Tbk. 218 207#265 Strong Relationships with a Geographically Diversified Portfolio of High-Quality Customers High Quality Customer Base and Attractive Payment Term Long-term relationship with strategic long term end users in proximate jurisdictions As of 31 March 2021, approximately 280Mt of total contracted sales volume from 2021 onwards the majority of which are in the 4,000 - 4,400 Kcal/kg range to support the future growth of Tabang (1) Sophisticated pricing strategy; agreed price contracts which are index linked to reference benchmark; approximately 80% of contracted volume is linked to FOB Newcastle All export sales backed by letter of credit 80%-90% of Non-PLN Domestic sales are typically prepaid before coal is loaded (2) No bad payment history with invoice paid within 30 business days Our Coal is Well Suited to Customer and Market Needs Number of customers is expected to increase as we build new long term strategic offtake relationships in frontier markets Being a long term IUP holder underpinned by a large reserve and resource base, Bayan is able to meet its customer's long-term coal supply needs Bayan is well positioned to capitalize on increasing domestic and regional coal fired capacity Indonesian customers are expected to increase demand for Bayan coal given design coal for Indonesian plants are aligned with coal specifications of the Tabang mine Key Sales Contracts Major Customers(3) Nghison V-TEC GN Power Kauswagan GN Power Dinginin VAPCO TNBF Sembcorp Energy Cirebon • . • KEPCO, Marubeni Shareholders One Energy Ventures, Vietnam Electricity Group, Pacific Group Corp AC Energy (Ayala Corp) AC Energy (Ayala Corp), Power Partners, Aboitiz Power Corporation China Light and Power, Mitsubishi Tenaga Sembcorp Chubu, Marubeni, KEPCO, Samtan, Indika Sales by Geographic Region 1Q21 (by volume) Malaysia 10% Philippines 24% Other 10% India 8% Notes (1) (2) Contracted volumes agreed in principle, certain long-term offtake agreements are pending finalization/signing. PLN does not prepay for coal sales prior to loading, typically paying within 60 business days. (3) Some of these major customers have contracted volumes but have not yet commenced offtake 26 China 22% South Korea 17% Indonesia 9% PT BAYAN RESOURCES Tbk.#276 Sustainable and Attractive Dividend Payout Enabled by Robust Balance Sheet and Strong Cash Flow Generation We intend to focus on generating healthy operating cash flows and maintaining balance sheet strength while also returning capital to shareholders Dividend Policy Bayan distributed dividends of US$150.0MM in 2018, US$300.0MM in 2019, US$66.6MM in 2020 and US$300.0MM in 2021 Current dividend policy is to distribute up to 60% of annual distributable profit, taking into consideration: Prevailing market conditions and business operational outlook Working capital requirements, future development capital requirements EBITDA and Net Income US$MM 800 600 485.1 338.0 400 200 0 Operating and Free Cash Flow US$MM 736.4 750 571.9 431.7 524.3 494.5 397.1 374.4 356.7 344.5 350 254.8 234.2 177.3 -50 2017 2018 2017 ■EBITDA ■Net Income Cash Balance (1) 2018 2019 2020 1Q21 ■Operating cash flow Free cash flow Leverage Ratios (2)(3)(4) 361.0 249.2 273.3 216.1 49.5 (10.0) 2019 2020 1Q21 US$MM X 8 700 604.8 6 600 500 383.8 4 400 300 229.2 2 0.2x 0.2x 1.0x 1.1x 0.7x 174.5 200 0 58.7 0.5x 100 0 (2) 0.1x 2017 (0.1x) 2018 2019 0.1x 2020 (0.4x) 1Q21 2017 2018 2019 2020 1Q21 Total Debt/ EBITDA Net Debt (Cash)/EBITDA Notes (1) Excludes restricted cash and cash equivalents, which are time deposits with certain banks to secure our mine reclamation obligations to the Government and other relevant Government authorities. (2) Total debt includes short-term bank loans, long-term bank loans and finance lease payables (excluding un-amortised debt issuance costs). (3) Net debt (cash) calculated as total debt less cash and cash equivalents (excluding restricted cash and cash equivalents). (4) 1Q21 Ratios based on Last Twelve Months (LTM) EBITDA information = US$545.1 million 27 PT BAYAN RESOURCES Tbk.#287 Strong Management Team and Reputable Shareholders Major Shareholders Dato' Dr. Low Tuck Kwong President Director • • . Dato' Low is the founder and majority shareholder of the Bayan Group and affiliated companies Dato' Low's business interests commenced in Indonesia in 1973 when he formed PT. Jaya Sumpiles Indonesia ("JSI") as an earthworks, civil works and marine structure contractor. JSI quickly became a leading contractor in Indonesia in the above fields and remained so during the 1980's and 1990's. In 1988, JSI ventured into contract coal mining and was a leading mining contractor until 1998 when Dato' Low acquired PT. Gunungbayan Pratamacoal and PT. Dermaga Perkasapratama His current focus shifted to the ownership and operation of coal mines in Indonesia and the related logistics activities • Under the leadership of Dato' Low, the Bayan Group was formed through a number of strategic acquisitions in the coal sector EWP EWP KOREA EAST-WEST POWER CO.LTD. ICOSPO COREA SOUTHERN POWER CO LTD KOEN KOMIPO CWP KOWEPO KOREA WESTERN POWER CO., Ltd. Korea East-West Power Korea Southern Power Korea South-East Power Korea Midland Power Korea Western Power . Each holding 4% • These companies are owned by KEPCO, which is an integrated electric utility company, generating transmitting, and distributing electricity in Korea and internationally • • As of December 31, 2016, KEPCO had a total of 655 generation units, including nuclear, thermal, hydroelectric, and internal combustion units with an installed generation capacity of 79,217 megawatts Listed both in KRX and NYSE with market capitalization of US$15 billion as of December 31, 2020 PT Sumber Suryadaya Prima ("SSP") ● SSP owns 10% of the Company's shares It operates various coal fired power plants in Indonesia • AA rated by S&P and Aa2 rated by Moody's 28 PT BAYAN RESOURCES Tbk.#297 Strong Management Team and Reputable Shareholders Board of Directors Dato' Dr. Low Tuck Kwong President Director and Chief Executive Officer Alastair McLeod Director & Chief Financial Officer 32 24 Appointed as President Director of Bayan in 2018 Serves as President Director at various Bayan's subsidiaries • Awarded Honoris Causa degree by University of Notre Dame, Dadiangas, Philippines Jenny Quantero Director of Corporate Affairs and Corporate Secretary 32 24 • Appointed as Director of Bayan in 2004. Serves as Corporate Secretary of Bayan ⚫ Holds Diploma in Foreign Languages from ABA "PRAYOGA", Padang, West Sumatra, Indonesia PT BAYAN RESOURCES Tbk. 23+ years of average industry experience 30 17 Appointed as Director and CFO of Bayan in 2008 Previously served as Indonesia Head of Corporate Restructuring in KPMG Holds a Diploma in Accounting from Napier College, Scoltland Chartered Accountant and member of ICAS Experienced team with strong local knowledge Russell Neil Director & Chief Development Officer 29 18 Appointed as Director and Chief Development Officer in 2008 Has more than 27 years experience in mining industry Holds Bachelor in Commerce (Accounting) and Arts (Asian Studies) from Murdoch University, Australia Lim Chai Hock Director and Chief Operating Officer 32 24 Appointed as Director of Bayan in 2007 Previously held executive position at Bayan's subsidiaries Holds a Certificate in Land Surveying from Lembaga Jabatan: Ukur, Malaysia Low Yi Ngo Director of Sales and Marketing 16 16 Appointed as Director of Bayan in 2007 Holds executive positions at various Bayan's subsidiaries Holds Bachelor in Mechanical and Production Engineering from Nanyang Technological University, Singapore Years of Industry Experience Deep technical and execution expertise . Kim Hyun Kook Director of Risk Management 2 Appointed as Director of Bayan in September 2019 held several key positions during his career in Korea-South- East-Power Corporation (KOSEP) Holds double degrees in Chinese and international business from the Hankuk University of Foreign Studies, South Korea Years with Bayan Group 29 PT BAYAN RESOURCES Tbk.#307 Strong Management Team and Reputable Shareholders Board of Commissioners Prof. Ir. Purnomo Yusgiantoro M.Sc., M.A., Ph.D. President Commissioner Lifransyah Gumay, S.E. AK, M.M., CA Commissioner Prof. Dr. H. Moermahadi Soerja Djanegara, S.E., M.M., Ak., CA., CPA., CSFA. Independent Commissioner • Appointed as Commissioner on 10 • January, 2018 Appointed as January, 2018 Commissioner on 10 Appointed • Minister of Defense for the Republic of Indonesia (2009 - 2014) - • • • • • Minister of Energy and Mineral Resources for the Republic of Indonesia (2000 - 2009) Chairman of the ASEAN Defense Ministers organization (2009 - 2014) Chairman of the ASEAN Energy Ministers organization (2000 - 2009) President (2004), Secretary General (2002) and Governor (1995-1998) of the Organization of Petroleum Exporting Countries OPEC PhD in Mineral Economics from the Colorado School of Mines, Colorado, USA Masters in Economics and Engineering from the Colorado School of Mines, Colorado, USA Finance Director of PT Sumber Segara Primadaya PLTU Cilacap (2018 Present) Commissioner of PT Sumber Segara Primadaya PLTU Cilacap (2009 2018) - Member of Audit Committee at PT. Bakrie & Brothers Tbk (May 2006 - 2016) and member of Risk Management Committee (2016 - 2018) Member of Audit Committee at PT. Bank Tabungan Negara (Persero) Tbk (Aug 2005 Sept 2011) Expert Staff in the field of Economics for the Democrat Party Faction of The House of of Representatives the Republic of Indonesia (May 2008 - April 2010) Magister Management with Cum Laude Predicate from Sekolah Tinggi Ilmu Manajemen LPMI, Jakarta, Indonesia. Bachelor Degree in Economics from Universitas Indonesia, majoring Accounting.. in • • as Independent Commissioner on 19 May, 2021, and Chairman of Audit Committee and Chairman of Nomination and Remuneration Committee (May 2021 - Present) President Commissioner of PT Pelabuhan Indonesia II (Persero) (Mar 2021 Present) Rector of Institut Bisnis dan Informatika Kesatuan Bogor (2021 Present) Chairman of the Audit Board of the Republic of Indonesia (2017 – 2019) Board Member V of the Audit Board of the Republic of Indonesia (2014-2017) Board Member I of the Audit Board of the Republic of Indonesia (2009 - 2014) Independent Commissioner of PT Mitra Rajasa Tbk. (2008 - 2009) Commissioner of PT Pulau Kencana Raya (2008) PhD in Accounting Economy from Universitas Padjajaran, Bandung, Indonesia Magister Management from Sekolah Tinggi Ilmu Ekonomi IPWI, Jakarta, Indonesia 30 PT BAYAN RESOURCES Tbk.#31Section 3: S.AZ 1.98 Financial Overview 05 CATERPILLAR PT BAYAN RESOURCES Tbk.#32Sales and Revenue Analysis • successfully Bayan has continued the ramp up of the Tabang Concession, increasing production / sales volumes, and ultimately driving top line growth Revenue US$MM 1,750 1,676.6 Note (1) ASP based on coal only. 1,500 1,250 1,000 CAGR: 25.9% 1,067.4 Sales Volumes Mt 40 35 35 1,391.6 1,395.1 30 CAGR: 29.3% 25 25 20.1 20 20 28.3 29.2 36.3 Average Selling Price (1) US$/t 80 60 60 60 40 750 15 13.0 555.5 501.0 10.6 500 10 20 20 250 0 2016 2017 2018 2019 2020 1021 32 5 O 2018 2017 2018 2019 2020 1021 0 40.9 58.5 52.1 47.2 47.3 38.4 2016 2017 2018 2019 2020 1021 PT BAYAN RESOURCES Tbk.#33Note Cost Analysis ⚫ The ramp-up of the Tabang Concessions in between 2016 - 1Q 2021 was instrumental in driving cash costs lower and ensures that Bayan will remain profitable during the coal price lows Production Mt 35 30 30 (1) Based on sales volume 0 25 CAGR: 32.8% 20 20 20.9 15 28.9 31.9 30.2 Cash Cost US$MM Cash Cost per ton (1) US$/t 1,250 40 34.8 33.3 3.3 1,000 942 30.1 50 30 29.0 4.1 0.9 28.8 3.0 0.9 5.0 2.0 3.9 1.9 0.8 4.5 23.3 1.3 750 4.0 5.0 2.3 4.0 583 20 0.5 20 3.7 500 391 9.7 10 9.0 5 2016 2017 2018 2019 2020 1Q21 33 250 2020 1Q21 2016 2017 Production ■G&A 2018 2019 Selling ■Royalty 25.6 23.8 22.0 10 20.2 19.8 247 16.9 0 2016 2017 2018 2019 2020 1Q21 PT BAYAN RESOURCES Tbk.#34Profitability and Profit Margins Bayan has been able to drive earnings and margins higher positioning the Company as one of Indonesia's most profitable coal mining companies as the impact of the ramp-up of Tabang materialized • 2020 net profit includes US$MM Gross Profit / Gross Profit Margin EBITDA / EBITDA Margin Net Profit / Net Profit Margin US$MM % US$MM % 1,000 60% 800 60% 600 40% 736.4 524.3 56% 35% 846.9 52% 31% has 51% 35% 51% 50% 500 32% 800 45% 44% 600 45% 30% one-off reversal of impairment charges 40% 400 25% on 35% 485.1 25% mining properties of 344.5 600 US$133MM after tax. 38% 553.6 338.0 33% 30% 17% 374.4 489.4 462.9 30% 400 27% 30% 300 20% 356.7 26% 400 254.8 283.1 20% 210.4 200 166.8 200 10% 234.2 15% 200 177.3 15% 10% 3% 100 0 2016 2017 2018 Gross Profit 2019 2020 1Q21 0% 0 Gross Profit Margin 34 2016 2017 EBITDA EBITDA margin 2018 2019 2020 1Q21 18.0 0% 0 2016 2017 2018 2019 2020 1Q21 Net Profit Net Profit Margin PT BAYAN RESOURCES Tbk. 5% 0%#35Credit Metrics Bayan has continued to show a track record of sustained deleveraging even during times of depressed coal prices ⚫ The development and ramp-up of Tabang has been instrumental in delivering this Total Debt/ EBITDA X 10 Net Debt/EBITDA X 10 5 2.6x 2.9x 0.5x 1.0x 1.1x 0.1x -0.1x 0.1x -0.4x 0.7x 0.2x 0.2x 0 • The Group has been assigned independent 2017 2018 2019 2020 1Q21 0 2016 2017 2018 2019 2020 1Q21 credit ratings of BB-, Ba3 and B+ by Fitch, Moody's and S&P respectively EBITDA / Net Interest Expense -5 Third Party Debt / Total Capital Ratio(1) X % 755.1x 70% 58.7% 60% 50% 40% 28.6% 400 25.1% 30% 22.2% 200 20% 11.2% 11.3% 39.2x 9.9x 14.9x 10% 0 2016 2018 2019 2020 1Q21 2016 2017 2018 2019 2020 1Q21 Note (1) Third Party Debt includes Bank Debt, Financing Leases and Derivatives divided by Total Capital (Total Liabilities plus Total Equity) 35 PT BAYAN RESOURCES Tbk.#36S.AZ 1.98 Appendices 05 CATERPILLAR PT BAYAN RESOURCES Tbk.#37Ownership and Corporate Structure (1) Dato' Dr. Low Tuck Kwong 53.7% PT Sumber Suryadarma Prima 10.0% PT Bayan Resources Tbk 99.9% PT Bayan Energy 90% 90% 99.9% 75% 75% 75% 75% 100% 0.1% 25% 25% 25% 25% PT Bara Tabang Public Shareholder 36.3% Public and Management (2) 16.3% 95.24% 75% 75% 62.42% 25% 25% 25% PT Brian PT Fajar Sakti Prima Anjat Sentosa PT Teguh Sinarabadi PT Firman Ketaun Perkasa PT Wahana li Baratama PT Perkasa Inakakerta Mining Kangaroo Resources Limited (4) PT Metalindo Prosestama PT Indonesia Pratama PT Muji Lines PT Dermaga Perkasa Pratama 97.39% Tabang TSA / FKP WBM PIK PT Gunungbayan Pratamacoal 99% 99% 99% 99% 99% 99% 99% 99% 99% 99% 100% 99.99% PT Tiwa Abadi PT Tanur Jaya PT Dermaga Energi PT Silau Kencana PT Orkida Makmur PT Sumber Api PT Bara Sejati PT Apira Utama PT Cahaya Alam PT Karsa Optima Jaya Kangaroo Minerals Pty Ltd PT Sumber Aset Utama North Pakar Tabang Concessions 99% 99% 99% 99% PT Mamahak Coal Mining PT Bara Karsa Lestari PT Mahakam Energi Lestari PT Mahakam Bara Energi Investment Holding Coal Mining Investment in Subsidiary: Mine Contractor Shipping Coal Port Management Service and Trading Notes (1) Position per February 29, 2019. (2) (3) Management include Chin Wai Fong, Lim Chai Hock, Engki Wibowo, Jenny Quantero, Russell John Neil, Alastair McLeod and Low Yi Ngo Pro forma corporate structure post finalization of the SPA with Kangaroo Resources Limited. 37 PT BAYAN RESOURCES Tbk.#381° LS Project Locations Bilang •Laham * Miuara Ratah ⚫ Data Bilang 116 BT Muara Ritan Long Be 117 BT • Muara Marah Batu Ampar a Gemar Baru Bewiti Muara Ancaiung • Senyiur 115° BT 115°30' BT SOUTH KALIMANTAN PROVINCE Belawang Tepianlangs at Sepaso BANJARMASIN Pamakuan Sangatta Sangkimah 3°30' IS Astambul Ulin Basung Karay Baibati Manamang Kanan Kembang Janggut ■ Sedulang • Sidernan -Bontang ⚫ Talck Lamin Pulut .Longiram Kahala Bangun Sari Jarong Tangkok Panyinggahan Muara Munta *Tanjung Isuy Muara Kedang Muara kan.an Muhuran Kota Bangun *Mentawir EAST KALIMANTAN PROVINCE »TENGGARONG Sembara Jongkang SAMARINDA Loajanan Sung Mariam Sarga sanga Muaraharimau .Binuang Simpang Empat Batupara Sebamban Tabanio Pelaihari .Satui Kintep Batakan LEGEND Muara Badak Jorang PT. Gunungbayan Pratamacoal : PT. Wahana Baratama Mining : PT. Perkasa Inakakerta : PT. Firman Ketaun Perkasa : PT. Teguh Sinarabadi : PT. Fajar Sakti Prima : PT. Bara Tabang : Brian Anjat Sentosa : PT. Graha Panca Karsa : Pakar Group : Mamahak Group ■Tapin BALIKPAPAN COAL TERMINAL Manggar BALIKPAPAN BAYAN GROUP PROJECT LOCATION Project Location Penajam Las#39Disclaimer These materials have been prepared by PT Bayan Resources Tbk. ("Bayan Resources" or the "Company") solely for informational purposes, and are strictly confidential and may not be taken away, reproduced or redistributed to any other person. By attending this presentation, participants agree not to remove this document from the conference room where such documents are provided without express written consent from the Company. Participants agree further not to photograph, copy or otherwise reproduce these materials at any point of time during the presentation or while in your possession. By attending this presentation, you are agreeing to be bound by the foregoing restrictions. Any failure to comply with these restrictions may result in a violation of applicable laws and commencement of legal proceedings against you. It is not the Company's intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company's financial position or prospects. The information contained in these materials has not been independently verified and is subject to verification, completion and change without notice. The information contained in these materials is current as of the date hereof and are subject to change without notice, and its accuracy is not guaranteed. The Company is not under any obligation to update or keep current the information contained in these materials subsequent to the date hereof. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of its directors and affiliates or any other person, as to, and no reliance should be placed for any purposes whatsoever on, the fairness, accuracy, completeness or correctness of, or any errors or omissions in, the information contained in these materials. Neither the Company, its directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of these materials or their contents or otherwise arising in connection therewith. These materials contain historical information of the Company which should not be regarded as an indication of future performance or results. These materials may also contain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. These forward-looking statements reflect the Company's current views with respect to future events and are not a guarantee of future performance or results. Actual results, performance or achievements of the Company may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future, and must be read together with such assumptions. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of the Company, and the forecasted financial performance of the Company is not guaranteed. No reliance should be placed on these forward-looking statements. 39 PT BAYAN RESOURCES Tbk.