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Investor Presentaiton

Million 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
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