Investor Presentaiton

Regulatory 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 - 70% is based on the average price of the second and third weeks of the previous month and 30% is based on the average price of the first week of the previous month and the fourth week of the previous two months. 25

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