#1adaro PT Adaro Energy Indonesia Tbk May 2023#2Disclaimer adaro These materials have been prepared by PT Adaro Energy Indonesia Tbk (the "Company") and have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials. The Company or any of its affiliates, advisers or representatives accepts no liability whatsoever for any loss howsoever arising from any information presented or contained in these materials. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. These materials contain statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates," "projects," "intends," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward- looking statements as a result of various factors and assumptions. The Company has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances. These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice. 2#3Snapshot of Adaro Energy Indonesia Lost-time injury frequency rate (LTIFR) 0.12 in FY22 Employees ~12,000 Countries Served 16 EA FY22 Operational EBITDA $5.0 billion (+139% YoY) FY22 Production 62.88 million tonnes (+19% YoY) FY22 Revenue $8.1 billion (+103% YoY) adaro 3#4Adaro Energy Indonesia's Performance Continue to deliver consistent results and strong cash flows adaro OPERATIONAL 1Q23 1Q22 Change Production (Mt) 15.69 12.15 29% Sales (Mt) 15.72 12.20 29% OB removal (Mbcm) 56.45 48.22 17% FINANCIAL ($ millions, unless indicated) 1Q23 1Q22 Change Net Revenue 1,839 1,225 50% Core Earnings 538 484 11% Operational EBITDA 726 755 -4% Cash 3,011 1,556 94% Net Debt (Cash) (1,578) (112) 1,305% Capex 132 70 87% Free Cash Flow 522 352 48% Operational EBITDA Margin 40% 62% -22% Net Debt (Cash) to Equity (x) Net Cash Net Cash Net Debt (Cash) to Last 12 months Operational EBITDA (x) Net Cash Net Cash Cash from Operations to Capex (x) (3.01) 3.04 -199% 4#5Adaro Minerals MetCoal Business supports the Steel Industry a key component in Wind Turbine and the Solar Industry Adaro Minerals metcoal production (Mt) adaro Adaro Minerals key financial highlights OPERATIONAL 1Q23 1Q22 Change We expect consistent production 3.8 4.3 Production (Mt) 1.22 0.62 97% Sales (Mt) 0.85 0.59 44% growth, reaching 6 MT+ in the medium term. 3.4 Overburden removal (Mbcm) 3.30 1.47 124% 2.3 FINANCIAL ($ million) 1Q23 1Q22 Change Net Revenue 238 182 31% 1.0 Core Earnings 87 85 2% Operational EBITDA 121 120 1% Operational EBITDA Margin 51% 66% -15% Sales by Destination 1Q23 India 29% Indonesia 5% China 31% 2020 A 2021 A 2022 A 2023 F Adaro Minerals Strip Ratio Remains Very Low MINERALS 4.0 3.5 Japan 35% 3.0 2.5 2.0 1.5 1.0 2020 A 2021 A 2022 A 2023 F 5#6FY23 guidance provides cash to invest in EV value chain and renewables Coal sales (Mt) Consolidated planned strip ratio (bcm/t) adaro 62-64 61.34 5.1 59.2 4.7 54.40 54.14 51.58 4.2 4.2 3.8 3.8 2018A 2019A 2020A 2021A 2022A 2023F 2018A 2019A 2020A 2021A 2022A 2023F Kestrel Saleable MetCoal Production (Mt) 4.8 Consolidated Capital expenditure ($m) 6.8 6 5.7 5.7 5.7 496 489 2018A 2019A 2020A 2021A 2022A 2023F 2018A 2019A 193 169 2020A *)Exclude expenses related to Kaltara 400 - 600 424 2021A 2022F 2023F* 9#7Three Business Pillars for a Bigger and Greener Adaro Pursuing sustainable growth driven by the green economy adaro ENERGY adaro MINERALS adaro GREEN Main operating pillar: pit-to-power integration to provide reliable and affordable energy • Core thermal coal operations in Indonesia supported by the group's mining services and logistics contractors. Operates thermal power plants in several areas in Indonesia and creates access to reliable power. Provides the cash flows that serve as the foundation to fund the Adaro Group's diversification strategy. Growth pillar: metallurgical coal, and minerals and minerals processing for green economy • • Metallurgical coal operations in Indonesia through PT Adaro Minerals Indonesia Tbk (IDX: ADMR). Downstream processing of minerals for EV battery ecosystem in Indonesia. Through this pillar, Adaro Group is committed to achieve growth in a more sustainable manner. Growth pillar: renewable energy to support downstream processing and diversification of Indonesia's energy mix • Developing green energy sources: hydro, solar, wind - and continue to actively participate in tender of renewable power plants. Supplies the renewable energy requirement for green downstream processing.#8The world's largest Green Industrial Park Strategically located in North Kalimantan • • • Located in a very strategic location in terms of export & import, and potential supply of mineral sources and smelting industries Total area of 16,000 Ha, consists of 2 (two) large overlay area 11,500 Ha and 4,700 Ha - Potential development of a large-scale public port to support the industrial logistics Huge potential of Hydro Power Plants development to power the industrial estate G20 adaro A - Potential Tenants: Green Industry Renewable Fuels Battery Electric Vehicle Temary Cathode Aluminium Smelter Powered by renewable power generators e.g. Hydro, Solar PV Blue Industry Petrochemical Polycrystalline SWicon Steel Production Nickel Powered by Coal Fired Power Plant, Gas Plant & Hydro Power Potential Power Generators იი Hydro Power Solar Biomass Gas Coal PV More than 10 GW power potential 8#9Aluminum Smelter in Kaltara Industrial Park Scope of project is 1.5mt of Aluminum production Coal Power Hydro Power Addition adaro Full Phase: Additional capacity of up to Phase I: Production capacity: 500,000 tpa aluminum. Adaro plans to invest in the smelter's power generation. Phase II: 500,000 tpa of Green Aluminum. Adaro plans for Potential replication of Phase 1: this to be powered by hydro. Additional production capacity of up to 500,000 tpa aluminum. Adaro may invest in the smelter's power generation. 6#10The Green Economy Driving demand for Green Minerals Electric vehicle 13 ΑΙ 28 Ni 3 Aluminium Nickel Li Lithium Wind technology 26 Fe Iron 13 AI Aluminium Solar technology 30% More Aluminium used in electric vehicles than internal combustion engines 90 Metallurgical coal needed to produce Steel for each MW of wind power 7 tons tons Steel needed for each MW of wind power 35 kg Nickel needed in a single car lithium-ion battery pack 120 4M tons tons 8 kg Lithium needed in a single car lithium-ion battery pack Aluminium in a single wind turbine 1 ton adaro 14 Si Silicon 13 AI Aluminium Polysilicon needed for each MW solar PV plant Aluminium demand from the solar power sector by 2040 10#11Adaro is well positioned to capture these opportunities, now and in the future Adaro has the necessary skillset... Strong balance sheet and financial capabilities ...to capture these opportunities Operating metallurgical coal mine in Indonesia & Australia Proven track record in building and operating large-scale, complex projects Building a 500K tons aluminium smelter adaro Deep experience and knowledge in Indonesia's mining sector Strong ownership and management team with extensive connections Building one of the world's largest green industrial estates in North Kalimantan, including plans to build several GW of hydro power & Solar PV plants Continue developing renewable energy projects within the region, and one of two consortiums to passed pre-qualification of waste-to-energy project in Indonesia Adaro will continue to explore opportunities to serve the green mineral needs of the new economy 11#12Global Demand Outlook Industry 2018 2040 Remarks Higher demand for electric vehicle, especially for battery packaging and heat sink. Penetration to reduce vehicle weight and use of gasoline. Transportation 25MT 43MT Building and • Urbanization and growing construction industry. 22MT 29MT Construction • Penetration for building materials. Consumer and 15MT 21MT • Increasing demand for consumer and industrial products. Industrial Increasing demand for tin packaging. Packaging 13MT 19MT • Increasing demand for foil and plastic substitution. Energy 11MT 16MT • Increasing demand for energy sector application, such as solar panel structure. Copper substitute for transmission cable. adaro MINERALS Demand for aluminum is estimated to increase on the back of economic growth in Asia. Demand for aluminum will be supported by the increase in transportation sector, in line with the commitment of global citizen and the transportation industry to increase the production of new energy vehicle. 12#13Adaro Green adaro GREEN#1425GW of green energy needs by 2030 In Indonesia, before accounting for increased demand for processing green minerals 102 GW of installed capacity by 2030 Renewable Energy PLTG/MG/GU/D 11.3GW Hydropower 5.8GW Geothermal PLTU 4.8GW Solar 2 2.7GW Others (incl Wind, bio-gas/mass & WTE) The increased demand for green minerals will drive further need for green energy Source: RUPTL 2021-2030 adaro 14#15Development of Renewable Energy for Green Business Transformation • Project Hydro Power Plant Mini-Hydro Power Plant • Location Kalimantan Industrial Park Indonesia, North Kalimantan Lampunut, Central Kalimantan Kelanis, Central Kalimantan • Installed Capacity Total capacity is ~1.4GW (phase 1) ~ 4 MW Solar PV + Battery Energy Storage System (BESS) Solar PV: ~8 MWp BESS: 4 MWh Wind Turbine + Battery Energy Storage System (BESS) Tanah Laut, South Kalimantan Wind: ~70 MW BESS: 10 MWh • Off-taker/User Kalimantan Industrial Park Indonesia's tenants Current Status Finalization of Offtake agreement PT Maruwai Coal (PTMC), Adaro Minerals' subsidiary for coking coal mining operations Selection process of EPC contractor PT Adaro Indonesia, AEI's subsidiary for thermal coal mining operations Development PLN Lol#16Indonesia's largest hydro power plant project adaro SCORE Bintulu ASEAN INDONESIA 2023 0 GAKUN HEP-2,400MW M Trusan Junction Malinau Tawau MENTARANG INDUK Tarakan HEP MURUM HEP-944WW Kalimantan Utara BALEH HEP ( 28251-1,285MW GROUNDBREAKING PLTA MENTARANG INDUK PT KAYAN HYDROPOWER NUSANTARA PRE oleh EN REPUBLINDO S MALIN MA KHN Kaltara Industrial Park INDN SIA MAJU . • Planned installed capacity of 1,375 MW, with the potential to generate approximately 9 Terawatt hours (TWh) per annum. Located in North Kalimantan, this power plant will provide affordable, reliable, and sustainable energy to support the Kaltara Industrial Park. COD is estimated in 2030. Will use the Concrete Faced Rockfill Dam (CFRD), designed with a dam crest height of 235m and crest length of 815m. This hydro power plant will have one of the world's tallest dams. 16#17Recently energized captive solar PV ~600 kWp to supply to our mining area adaro We have installed 130 kWp PV Rooftop, and another 468 kWp PV Floating (so far the biggest installed floating PV in Indonesia) • The project is expected to generate 156,000 kWh/year and serves a captive market to support Adaro Group's mining operation. Environmental impact of this project includes replacing 33,000 liters of diesel per year, and avoiding emission of 98 ton CO2/year. 17#18adaro adaro Adaro Energy#19Why Adaro Solid Foundation • Integrated energy company with strong footing in the energy industry. adaro Positioned for Sustainable Growth Capturing Opportunities in Green Economy Consistent Dividend Payment and Shareholder Return Industry Leading Cost Position Experienced Management Team Commitment to ESG • Strong Cash Generation • • • • Integrated business model enables us to control cost and manage risks better, ensuring business sustainability. • Well positioned to capture the opportunity through ADMR, which will focus on managing and developing our non-coal mineral assets. Cumulatively from 2008, we have paid approximately US$2.9 billion in dividends with average payout ratio of 47%. Cost competitiveness resulted in one of the highest operational EBITDA margins in the sector, reaching 62% of operational EBITDA margin in 2022. Management has been consistent with strategy execution while also being nimble in reacting to business developments PT Adaro Indonesia received 5th PROPER Gold Award MSCI ESG rating of BBB. • Adaro generated $2.8 billion of free cash flow and net cash of $2.6 billion in FY22 which will fund our business transformation. 19#20Regulatory Updates adaro Conversion of CCOW to IUPK Continuation of Al's CCOW. Government Regulation (PP No 15 of 2022) stipulates the changes in the commercial terms: royalty rate, CIT rate, and provision of non-tax revenue for the central and local government. 1 2 Royalty rate CIT 3 Provision of Non-Tax Revenue - Central Government - Local Government CCOW 13.5% 45% IUPK 14% -28% 22% 4% 6% In line with conversion to IUPK, Al's concession size has been reduced, but does not affect our operation or our reserves. Change in the royalty rate of IUP This impacts MIP and Balangan Coal mines, representing approximately 17% of 2022 production. The royalty going forward will be based on HBA pricing and could increase to between 7% -10.5% from 3% - 5%. 20 20#21Regulatory Updates Change in the formula of Harga Batubara Acuan (HBA) adaro Indonesia has introduced the reformulation of HBA to better reflect the value of Indonesian coal. The new HBA has three coal categories: HBA (6,322 kcal GAR), HBA I (5,200 kcal GAR), and HBA II (4,200 kcal GAR). The HBA will be derived from an average of actual traded Indonesian prices from two months prior. 70% from deals done in the first month prior, and 30% from deals done in the two months prior. 21#22Large Reserves and Diverse Portfolio across Indonesia and Australia Adaro Indonesia: 88.5% Existing, S Kalimantan sub-bituminous Reserves: 682 Mt Resources: 3.2 Bt 2 Balangan Coal Companies: S Kalimantan sub-bituminous Reserves 118Mt Resources: 257 Mt 3 PT Adaro Minerals Indonesia Tbk (AMI): Central and East Kalimantan Metallurgical coal Reserves: 165 Mt Resources: 975 Mt 4 MIP: 75% stake S Sumatra sub-bituminous Reserves 207 Mt Resources 301 Mt adaro As of 31 December 2022, AEI has more than 8 billion tonnes (Bt) of resources and 1.3 Bt of reserves across thermal and metallurgical coal - providing us with flexibility in the coal market. 5 BEE: 61.04% stake S Sumatra sub-bituminous Geological study phase 6 BEP: 10.22% stake with option to acquire 90% E Kalimantan sub-bituminous Resources 3.3 Bt 7 Kalimantan 5 Sumatra 3 7 4 NT QLD Kestrel Coal Mine 48% of 80% Queensland, Australia WA Premium HCC SA NSW Reserves: 184 Mt Resources: 421 Mt VIC Java 1 2 6 Sulawesi Note: Reserves and Resources numbers above are before taking into account AEI's equity ownership 22#23Integrated Business Model with control over each part of the supply chain from pit-to-power MINING SERVICES LOGISTICS THERMAL COAL MINING SERVICES Maritim Barito Perkasa (MBP) 100% Adaro Indonesia (Al) 88.5% Saptaindra Sejati (SIS) 100% Barging & Shipping Coal mining, S. Kalimantan Coal mining and hauling contractor Sarana Daya Mandiri 51.2% adaro POWER Makmur Sejahtera Wisesa (MSW) Operator of 2x30MW mine- mouth power plant in 100% Balangan Coal 75% S. Kalimantan (SDM) Coal Mining, S. Kalimantan Jasapower Indonesia (JPI) 100% Dredging & maintenance in Mustika Indah Permai (MIP) 75% Operator of overburden Barito River mouth Operator of Solar PV at Al's. mine site in S. Kalimantan crusher and conveyor Indonesia Multi Purpose 100% Coal Mining, S. Sumatra Adaro Jasabara Indonesia 100% Terminal (IMPT) Port management & Bukit Enim Energi (BEE) 61% (AJI) Coal Mining, S. Sumatra Mining services terminal operator Tanjung Power Indonesia (TPI) 65% Partner in 2x100MW power Bhakti Energi Persada (BEP) 18.5% Adaro Mining Technologies (AMT) 100% Indonesia Bulk Terminal (IBT) 100% plant project in S. Kalimantan Coal mining, E. Kalimantan Coal research & Coal terminal & fuel storage development METALLURGICAL COAL Puradika Bongkar 100% Muat Makmur (PBMM) PT Adaro Minerals Indonesia Tbk (AMI) 83.8% Cargo loading & unloading COAL TRADING E. Kalimantan Coal mining, C. Kalimantan, Kestrel Coal Resources¹ Queensland, Australia 1) Kestrel Coal Resources has 80% ownership on Harapan Bahtera Internusa 100% Bhimasena Power Indonesia (BPI) Partner in 2x1000MW 34% Coaltrade Services 90% (HBI) power generation project International Pte. Ltd (CTI) Shipping administration in Central Java 48% Coal Trader Barito Galangan Nusantara (BGN) 100% Maintenance services Kestrel Coal Mine 23#24Solid Financials Backed by Strong Operations Financial position continues to improve adaro Strong cash balance and free cash flow generation 2,500 2,000 1,500 1,000 Production (Mt) 500 70 60 50 40 30 20 10 0 2622 4,500 60% 4,000 50% 3,500 ILINI FY18 FY19 FY20 Interest Bearing Debt 40% 3,000 30% 2,500 20% 2,000 10% 1,500 0% -10% 1,000 500 -20% -30% FY21 FY22 Debt to Equity 1Q23 Adaro Historical Production FY18 FY19 Cash (million US$) FY20 FCF (million US$) FY21 FY22 1Q23 Capex (million US$) 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tutupan Wara Paringin Balangan ADMR MIP -SR 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 Strip Ratio (x) 24#25Industry Leading Efficiency One of the lowest cost operators in Indonesia Adaro's estimated coal cash cost breakdown (1Q23) Fixed overhead, 5% adaro Electrification to reduce the usage of diesel gensets Coal processing, 10% Mining, 35% - 40% Freight & handling, 20% Fuel, 25% -30% Strong operational EBITDA generation and healthy operational EBITDA margin Operational EBITDA and Margin 6,000 62% 53% 5,000 4,000 40% 39% 35% 35% 3,000 5,030 2,000 1,000 2,104 1,315 1,408 1,207 883 2017 2018 2019 2020 2021 2022 Operational EBITDA (US$ M) 70% Consistently delivers on operational EBITDA target and performed in-line with guidance. 60% 50% 40% Healthy operational EBITDA margin on the back of better cost control from integrated business model. 40% 30% 20% 10% 726 0% 1Q23 Operational EBITDA Margin 25#26Well Positioned Product and Strong Customer Base Focused on Asia ASH % (adb) Ash content: 2%-3% (adb) 20 15 10 5 envirocoal Envirocoal is among the lowest pollutant content coal in the seaborne market Nitrogen % (daf) 30 2.5 2.0 Nitrogen content: 0.9% - 1.0% (daf) 1.5 1.0 envirocoal 0.5 0.0 Total Sulfur % (adb) Sulfur content: 0.1% -0.25% (adb) 30 2.5 2.0 1.5 1.0 0.5 envirocoal 0.0 Customer geographical breakdown (1Q23) China 19% India 9% Indonesia 25% Southeast Northeast Asia Asia 21% 26% Customer type by volume (1Q23) Others, 10% Power Plant, 90% adaro *others include cement, pulp & paper, and industrial 26#27Operates Mining Services and Logistics to Ensure Operational Excellence adaro Key part of our vertical integration. Ensures operational excellence, productivity improvement and timely reliable delivery to customers. Stable earnings profile buffers against the volatility in coal price. Focus on providing services for companies in the Adaro Group. adaro LOGISTICS 471 Units 1Q23 1Q22 1Q23 vs 1Q22 Overburden Removal Mbcm 44.55 40.10 11% SIS Coal Transport to Port Mt 14.80 11.61 27% MBP Coal barging Mt 15.00 11.22 34% 27#28One of Indonesia's largest IPPs Adaro Power's gross power generation capacity stands at 2,260 MW adaro Size / Tech. Shareholders COD Makmur Sejahtera Wisesa - CFPP Availability Factor Adaro Mining Electrification 2 x 30 MW CFB technology 100% Adaro Power #1 Jun 2013, #2 Feb 2014 60.01% (Avg. 1Q23) Current: 11.7 MW Plan: additional 17.9 MW Makmur Sejahtera Wisesa - Solar PV Size 130 kWp + 467 kWp Shareholder 100% Adaro Power COD Q3 2018 (for 130 kWp) & 467 kWp COD 27 December 2021 Project cost USD 800,000 (approx.) Electricity produced 493.84 MWh (1Q23) Size / Tech. Shareholders Project cost Bhimasena Power Indonesia - CFPP Availability Factor 2 x 1,000 MW Ultra Super Critical 34% AP, 34% JPower, 32% Itochu USD 4.2 billion 86.79% (Avg. 1Q23) Tanjung Power Indonesia - CFPP 2 x 100 MW CFB technology 65% AP, 35% Korea EWP USD 545 million Size / Tech. Shareholders Project cost COD 2019 Availability Factor 81.08% (Avg. 1Q23) Apart from improving the performance of its already-operated power plants and completing the construction, Adaro Power continues to study renewable power projects such as biomass, wind power, and solar PV to support PLN through unsolicited proposal and tenders. Adaro Power is also in the process of developing captive use power generation projects for the Group's other business units such as IBT (Genset & Solar PV) and ADMR (Mini-hydro) 28#29Owns & Operates 1,670 lps of Water Treatment Plants Also Supports Mining Operations through Slurry Management Business Unit Dumai Tirta Persada Location : Dumai, Riau Size : 450 lps Adaro Shares : 49% Status 1 : First phase (50 lps) completed 2 Bekasi, West Java Grenex Tirta Mandiri Location Size : 200 lps Adaro Shares Status : 49% : Started construction adaro Drupadi Tirta Gresik Location Size Adaro Shares Status 3 : Gresik, East Java : 400 lps : 100% : In operation since 2012 Adaro Wamco Prima Location : Tanjung, Business South Kalimantan : Mining pump services Adaro Shares : 60% Status : Operation Location Drupadi Tirta Intan : Banjar, South Kalimantan Size : 500 lps Adaro Shares : 100% Status In operation since 2012 5 2 6 5 3 Adaro Tirta Mentaya Location Sampit, Central Kalimantan Size Adaro Shares Status : 320 lps (contract), 400 lps (capacity) : 90% : In operation upto 250 lps 6 Adaro Water is currently in the process to achieve operational excellence through continuous improvement in its operating subsidiaries, including WTPs operations and slurry pumps operations. Meanwhile, on the construction side, Adaro Water continues to ensure that the project can achieve its goals in terms of schedule, budget & quality. From business development perspective, Adaro Water continues to actively seeking for new projects through PPP, non PPP and acquisition. 29#30adaro MINERALS PT Adaro Minerals Indonesia Tbk (IDX:ADMR)#31Adaro Minerals Indonesia at a Glance adaro MINERALS Indonesia's leading metallurgical coal producer with low-cost, efficient operation supported by Adaro Group's integrated supply chain network Five CCOW holders located in Central and East Kalimantan, Indonesia. Large coal reserves and resources base which supports long-term sustainable growth. Coal reserves: 170.7 Mt. Coal resources: 980 Mt. Coal production in 2021 reached 2.3 Mt, and in 2022 coal production reached 3.37 Mt (▲ 46% y-o-y). Aiming at 6 Mtpa in 2025. Strong demand profile from blue-chip steel companies. Current customers are located in China, Japan and Indonesia. Offers coal supply diversification for customers in a market dominated by Australia, Canada and the US. Close proximity to key markets offers customers with more competitive cost and shorter transportation time. 31#32Company Overview - ADMR Established in 2007, Adaro Minerals carries out an integrated mining activities through its subsidiaries, which has one of the largest greenfields area in Central Kalimantan for metallurgical coal. The Company's subsidiaries own 5 Coal Contract Of Work ("CCOW") located in East Kalimantan and Central Kalimantan with total area up to 146,579 ha. The 5 CCoWs are in the operation and production operation development stages: Maruwai Coal is currently operating and selling metallurgical coal, Lahai Coal is conducting mining optimization, meanwhile Kalteng Coal, Sumber Barito Coal and Juloi Coal are in development phase. CENTRAL KALIMANTAN PROVINCE Pump house Conveyor Line S05 Workshop adaco SERVICES JULO KALTENG SUMBER BARITO LAMPENUT HABU KUARA TUHIP PORT CCOW STAGE COALS Lahai 贏 Green Coal Maruwai Hard Coking Coal, Green. Coal Met-Coal Kalteng Conveyor S04 & Line Hopper 2 Juloi Met-Coal Sumber Barito Met-Coal MARUWAI adaro MINERALS EAST KALIMANTAN PROVINCE LAHAI Metallurgical Coal Power House Notes: Operation Foto Udara Area Wara Coal Crusher PT. JPI Production Operation Development Cokes 32#33Large Coal Resource and Reserves Coal Resource Company / Locality Total Coal Resources Measured (Mt) Indicated (Mt) (Mt) Inferred (Mt) Compliance Standard LC - Haju 4.4 3.8 0.4 0.1 JORC (Green Coal) MC Lampunut adaro MINERALS One of the largest undeveloped met coal reserves and resources globally 105.4 98.4 6.9 0.2 JORC (Metallurgical and Green Coal) JC - Juloi Northwest 629.8 269.6 360.3 JORC (Metallurgical) JC - Bumbun 174.5 60.4 57.8 56.4 JORC (Metallurgical) KC - Luon 50.9 24.7 19.3 6.9 JORC (Metallurgical) SBC Dahlia Arwana 15.0 6.5 6.5 2.0 JORC (Metallurgical) Premium quality hard coking coal with low ash, low phosporus, and high vitrinite content TOTAL 980.0 193.8 360.5 425.7 Coal Reserves Company / Locality Total Coal Reserves (Mt) Proved (Mt) Probable (Mt) Compliance Standard LC - Haju 2.3 2.3 0.03 JORC Long reserves life, based on current production (Green Coal) MC Lampunut 89.6 81.2 8.4 JORC (Metallurgical and Green Coal) JC - Bumbun 55.5 55.5 JORC (Metallurgical) KC - Luon 17.7 17.7 JORC (Metallurgical) *Coal Reserves and Resources data is as of August 2021 from independent consultant PT Quantus Consultants Indonesia SBC Dahlia Arwana 5.6 5.6 JORC (Metallurgical) TOTAL 170.7 83.4 87.2 33#34Established Infrastructure to Ensure Operational Excellence Lampunut Coal Handling and Processing Plant Crushing Plant : 600 tph adaro MINERALS One of the largest CHPPs in Indonesia in terms of capacity Reduces ash from 12% ad to 4.5% ad WASHING - 3 Process Circuit Hydrocyclone & Spiral DMC 1.4-50 mm 0.25 1.4 mm - Floatation 0.25 mm Washing Plant : 525 tph (max: 550 tph) 34#35Supply Chain: from Coal Terminal to Vessel Loading Points 1400 E 115 30'0"E Adaro MetCoal Truck 30-40 ribu ton (76 km) PURUK CAHU. Truck 22-33 ribu ton (44 km) PROVINSI Pelabuhan Tuhup 117'00"E PROVINSI KALIMANTAN TIMUR MUARA TEWEH A Hasan Basri 334 km KALIMANTAN TENGAH Tongkang 4 ribu ton (2-3 hari) Pelabuhan Kelanis PALANGKA RAYA 3°0'0" B Tumpang Leung C Jembatan Kalahein BUNTOK ISP TANAH GROGOT JANJUNG Adarp Indonesia PARING AMUNTAI Tongkang 8-10 ribu ton (2 hari) Balangan Coal BARABAI KANDANGAN RANTAU MARABAHAN KUALAKAPUAS PROVINSI BANJARMASIN MARTAPURA KALIMANTAN SELATAN KOTA BARU BANJARBARU Pelabuhan, Taboneo PELAIHAR 1140"E TENGGARONG SAMARINDA Batas tinggi air 11,4 m BONTANG BALIKPAPAN Dalam tahap pembangunan Beroperasi satu shift pada siang hari (pukul 5 pagi 5 sore) per hari Indonesia Bulk Terminal 115 30'0"E 11700°E 5.00€ 500€ Barge-to-barge adaro MINERALS BU CARLO 6 Okt 2020 13.28.12 Barge-to-vessel Bulk Terminal 35#36Competitive Advantages Committed to develop the community and minimize environmental CSR and impact through various green initiatives Green Initiatives Lampunut is a very low- cost mine, ranked within the lowest quartile in the global cost curve Low cost Low ash Low phosphorus Product High vitrinite Quality Competitive Advantages The manage- ment Position Coal Resources and Reserves adaro MINERALS Lampunut is the first and only HCC in Indonesia (Source: IHS Markit) The western mines projects are one of the largest greenfield projects in the world Managed by seasoned Adaro executives and engineers with proven track record of creating maximum sustainable value 36#37adaro adaro Sustainability and Green Initiatives#38Balance of People, Planet and Purpose Key programs in Corporate Social Responsibility Green Initiatives to Reduce Emission adaro Education Economic development Health Environmental enhancement Socio-cultural Enrichment MSCI ESG Rating History AAA AA A BBB BBB BBB BB BB B B CCC Jun-19 May-20 Aug-21 Jul-22 Solar PV Biomass Co- Firing Biodiesel Fifth PROPER Gold Award 38#39Improving Environmental Performance Terajoule adaro Reduced total energy consumption by 21% y-o-y ...and reduced GHG emission (scope 1) by 22% y-o-y 2,500,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 2019 2020 2021 Fleet Management System reduces queueing time and energy used Ton Co2 eq 2,000,000 1,500,000 1,000,000 500,000 2019 2020 2021 Innovative projects to improve efficiency and environmental performance NANO 85 P Kelanis Smart Inverter Solar Cell reduces diesel usage and CO2 emission 39#40Ecosystem Restoration and Carbon Capture adaro Through Adaro Land Pillar, we have subsidiaries which own forest management permits for ecosystem restoration and forest management permits for carbon absorption. PT Alam Sukses Lestari holds license to use timber product - ecosystem restoration in natural forest which allows restoration of forest ecosystem to achieve balanced biodiversity. PT Hutan Amanah Lestari holds license for utilization of carbon absorption and is one of the largest holders of such license in Indonesia. We expect that once operational, carbon trading will be the main business of this company. 40#41Reclamation and Rehabilitation Start 6 months + 5 Years adaro 41#42Awards and Recognitions 2013 2014 2015 2016 adaro 2017 PROPER green award Ministry of Environment & Forestry Aditama gold award For environmental excellence in the coal sector Ministry of Energy & mineral resources Global CSR bronze award For sustainable clean water program Pinnacle Group Global CSR PROPER green award Ministry of Environment & Forestry Aditama gold award For environmental excellence in the coal sector Ministry of Energy & mineral resources Bronze sustainability award For sustainable investment RobecoSAM PROPER green award Ministry of Environment & Forestry Cultural based community empowerment award Awards in several categories Corporate Forum for Community Development & Ministry of Human Dev Bakti Husada award For community health development Ministry of Health PROPER green award Ministry of Environment & Forestry Global CSR bronze award For community-led sanitation Annual Global CSR & Summit Padmamitra award For poverty alleviation Ministry of Social Affairs PROPER green award Ministry of Environment & Forestry Aditama gold award For environment excellence in the coal sector Ministry of Energy & mineral resources Best of environmental management & safety award Ministry of Energy & mineral resources 2018 PROPER green award Ministry of Environment & Forestry Aditama gold award For environment excellence in the coal sector Ministry of Energy & mineral resources Best of coal mining service business management & safety award Ministry of Energy & mineral resources 2019 PROPER gold award Ministry of Environment & Forestry Global CSR award, one gold and two silver For early childhood education program, CSR Leadership and environmental excellence in leader program. Annual Global CSR & Summit 2020 PROPER gold award Ministry of Environment & Forestry MSCI ESG Ratings upgraded to BB MSCI Charity and Community Impact Coaltrans Asia Best Implementation of Good Mining Practices MoEMR 2021 PROPER gold award Ministry of Environment & Forestry MSCI ESG Ratings upgraded to BBB MSCI Best Environmental Excellence Award - Silver Global CSR Summit & Awards Aditama award Good mining practices MoEMR 2022 PROPER gold award Ministry of Environment & Forestry Global CSR Gold Award For Excellence in Provision of Literacy and Education Annual Global CSR & Summit Green Initiative Award Recognizing the company's initiatives to diversify and increase share of new and renewable energy Katadata 42#43adaro adaro Industry Outlook#44Prices Remain Near Historical 500.00 450.00 400.00 350.00 300.00 250.00 200.00 150.00 100.00 50.00 0.00 5-Jan-18 5-Mar-18 5-May-18 5-Jul-18 5-Sep-18 5-Nov-18 5-Jan-19 5-Mar-19 5-May-19 Prices have remained volatile at high levels. ■ Demand from India and Southeast Asia has supported Indonesian thermal coal imports - due to inclement weather and also supply crunch. Indonesian coal demand is still expected to be high due to its competitiveness and unique characteristics 5-Jul-19 5-Sep-19 5-Nov-19 5-Jan-20 5-Mar-20 5-May-20 5-Jul-20 NEX •НВА ICI 3 ICI 4 5-Sep-20 5-Nov-20 5-Jan-21 5-Mar-21 5-May-21 5-Jul-21 5-Sep-21 5-Nov-21 5-Jan-22 Highs adaro 5-Mar-22 5-May-22 5-Jul-22 5-Sep-22 5-Nov-22 5-Jan-23 5-Mar-23 44#45Seaborne Thermal Coal Demand and Supply Outlook Million Tonnes Global thermal coal imports demand (Mt) 1200 1000 800 600 400 200 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 China India East Asia I Southeast Asia I Other South Asia Middle East Sources: Adaro Analysis Million Tonnes Global thermal coal supply (Mt) 1200 1000 800 600 400 200 0 adaro 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Indonesia Australia Russia Colombia South Africa USA Others Coal remains as significant part of energy mix in emerging economies in Asia Despite push towards renewable energy, emerging economies in Asia still rely on coal for electricity generation due to its availability and affordability. As the world aims to reduce carbon emission, demand for coal will be affected. 45#46Million Tonnes Seaborne Metallurgical Coal Demand and Supply Outlook adaro Global metallurgical coal imports demand (Mt) Global metallurgical coal supply (Mt) 350 300 250 200 150 100 50 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 China India Japan South Korea Sources: Adaro Analysis Europe Others 350 300 250 200 150 100 50 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 Australia Canada United States Mongolia Russia Mozambique Indonesia Others Underinvestment and Robust Demand expected to lead to Undersupplied market The long-term outlook shows a positive and stable growth of demand and supply. India to be the main driver of growth for the next decade, outpacing China and Japan. Australia continues to be the main supplier in seaborne market, but supply growth will be constrained due to underinvestment in some supplying countries. 46#47adaro Coke capacity increase 25 Indonesian Long-Term Demand Remains Robust Supported by growing downstream activities in Indonesia Coal Fired Power Plant Capacities in 2021 - 2030 50 40 40 롬 30 20 20 20 20 15 Million Tonnes 10 5 0 Indocoke 2024 Dexin Steel 2021 2022 2023 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Source: RUPTL 2021 - 2030, ESDM 2022, APBI Risun Wei Shan Krakatau Steel Detian Coking KinXiang ■Krakatau POSCO Tsingshan Kinrui 10 10 CFPP capacity continues to increase to support the transition in minerals processing and refinery in Indonesia. Indonesia coke capacities are expected to reach 21 Mt in 2024, which translates to 35 Mt of metallurgical coal consumption. 47#48Thank you adaro