Investor Presentaiton

TWh Southeast Asia is One of the Key Markets for Thermal and Met Coal SEA electricity demand more than double to 2040 adaro ASEAN (5) steel demand grows moderately in the short-term 2000 1 600 1 200 800 400 80 78 76 74 72 78 70 68 69 66 64 10% 5% M 0% 78 -5% 73 -10% -15% 2019 2020 2021F 2022F Volume (Mt) y-o-y growth 2010 2018 2020 2025 2030 2035 2040 Source: Southeast Asia Energy Outlook 2019, International Energy Agency 2019 Overview of Southeast Asia ASEAN (5): Indonesia, Malaysia, Philippines, Thailand, Vietnam Source: Worldsteel Association Short Range Outlook, April 2021 The region is home to around 655 million people and 45 million people is still without access to electricity. Its growth in electricity demand, at 6% CAGR, has been among the fastest in the world as the region aims for universal access to electricity by 2030. Coal has been the fastest growing fuel in SEA's energy mix, nearly 20 GW of coal-fired power plant is under construction (IEA). Coal with low pollutant content will be more favoured in the market as many countries try to control emission and new power plants utilize advanced boiler system. 7

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