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Investor Presentaiton

Seaborne Thermal Coal Demand and Supply Outlook Million Tonnes Global thermal coal imports demand (Mt) 1200 1000 800 600 400 200 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 China India East Asia Southeast Asia I Other South Asia Middle East Sources: Adaro Analysis Coal remains as significant part of energy mix in emerging economies in Asia Million Tonnes Global thermal coal supply (Mt) 1200 1000 800 600 400 200 adaro 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Indonesia Australia Russia Colombia South Africa USA Others Despite push towards renewable energy, emerging economies in Asia still rely on coal for electricity generation due to its availability and affordability. As the world aims to reduce carbon emission, demand for coal will be affected. 49
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