Investor Presentaiton

Prices Remain Near Historical Highs 500 450 400 350 300 250 200 150 100 50 0 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 -NEX (US$) ICI 3 (US$) ICI 4 (US$) -HBA (US$) Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Prices continue to fluctuate. Demand from China has supported Indonesian thermal coal imports. Indonesian coal demand is still expected to be high due to its competitiveness and unique characteristics. Apr-23 adaro 48

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