Investor Presentaiton

And One of the Highest Margin Producers in Indonesia 1H22 EBITDA Margin (%) 66.2 66.0 70 60 50.1 50 45.6 40.8 40 30 20 10 0 Bayan Adaro ITMG Source: Company Filings, EBITDA estimated using Company Data PTBA Kideco 1H22 Net Profit and Net Profit Margin (%) US$ million 1600 1400 1200 38% 1000 800 1,345.4 600 400 200 0 50% 60% 40% 32% 34% 26% 22% 18%20% 1,008.0 460.8 34.5 341.9 290.3 Adaro Bayan ITMG PTBA Gems Kideco 178.4 Bumi 0% Net Profit Net Profit Margin Source: Company Filings, Company Data Over the last few years, Bayan has transformed itself into one of the highest margin producers in Indonesia. This is due to the ramp up of its world class Tabang coal complex, which is anticipated to continue to grow and produce industry leading margins. ➤ Net profit margins are anticipated to continue to outperform the industry norms due to the low cost base, low royalty rates and lower corporate tax than first Gen CCOW's/IUPK'S. 6

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