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2013 results

investor and analyst update

27th February 2014

DISCLAIMER

The views expressed here contain information derived from publicly available sources that have not been independently verified. No representation or warranty ismade as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of anumber of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Banpu Public CompanyLimited. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

2

3

Financial summary

Power business

Coal marketing

Coal operations

Strategic review

5

4

3

2

1

29.4Mt

13.8Mt

1.2Mt

0.2GW

1.4GW

4

2013 summary: strengthening our core

Australia coal

Indonesia coal

Power

• Record output at 29.4Mt

• Lower S/Rs at Indominco, Trubaindoand Bharinto

• Reduction in total costs by 11%

• IPCC trial commenced in Dec 2013

• Annual output records: Myuna, Angus Place, Charbon and Clarence

• Strong domestic sales; new 24Mt, 8-year contract

• New equipment at Mandalong, Springvale and Myuna should boost productivity

• Logistics and infrastructure optimised

Corporate

• Group OHs down 10%

• Coal marketing, sales and trading office established in Singapore

• Financial management focus: debt service, share restructuring and derivatives

Note : Output on 100% basis (except Australia ROM output is stated on an equity basis)

Mines

Power plant

• Tsant Uul: good outcome from coal to chemical testing

• Gaohe: 6Mt (above target 1Mt); rail spur bridge development

• Hebi: steady output

China, Mongolia coal

• BIC: record profit

• Hongsa: 78% complete

• BLCP: equity income up 13% to $82M

1.8GW

6Mt

Power project

5

2013 in review: Southeast Asia

THAILAND

LAOS

INDONESIA

Mahakam River

BaritoRiver

INDOMINCO

BALIKPAPAN JORONG

TDMY

BHARINTOEMBALUT

BONTANG

JORONG(ANCHORAGE)

SINGAPOREOFFICE

BLCP

HONGSABLCP equity income: $82M, up 13%

Financial management:

debt, shares, risks

Established BMS Coal

Sales

Hongsaprogress 78%

Reduced total costs 11% to $62/t in 2013

IPCC trial stage at Indominco commenced Dec 2013

Lower SRs at Indominco, Trubaindo,

and Bharinto

Renegotiating barging contract

OPEN CUT MINE

PROJECT

COAL TERMINAL

POWER

TRUBAINDO

Trial shipment of

Bharinto coal to non-Japan

market

Optimisedmining reserves

New conveyor belt system at Embalut port

Indo coal sales: 29.1Mt

SAMARINDA(ANCHORAGE)

KALIMANTAN

WESTERN

AUSTRALIA

QUEENSLAND

NORTHERN

TERRITORY

NSW

VICTORIA

SOUTH

AUSTRALIA

6

2013 in review: Australia

Sydney

Wollongong

NEWSTANMANDALONG

MYUNA

MANNERING

CHARBONINGLENOOK

AIRLY

ANGUS PLACE

SPRINGVALE

CLARENCE

NEUBECK

NORTHERN OPERATIONSWESTERN

OPERATIONS

OPEN CUT MINE

UNDERGROUND MINE

PROJECT

PORT

ROAD

RAIL

IVANHOE

Newcastle

Mannering transfers operating risk through 3rd party production sharing arrangement

Cost reduction and productivity improvement

Four annual production records

Rationalised capex

Sales contract with major power station at long-term export parity

New state-of-the-art longwall at

Springvale

Mandalong -Introduced 3x Sandvik MB650 CM, with resultant record development

Myuna re-equipped, and delivered record production

Improved coordination between rail, ports and domestic customers

Relinquished tonnage at PWCS(T4)

Airly re-evaluation of mine plan for re-

opening

7

2013 in review: China and Mongolia

Xinjiang

Heilongjiang

Jilin

Liaoning

Taiwan

Tibet

Sichuan

YunnanGuangxi Guangdong

Fujian

Shandong

Hubei

Hunan Jiangxi

Hainan

Inner

Mongolia

NingxiaQinghai

Hebei

Shanxi

Henan

Anhui

Zhejiang

JiangsuShaanxi

Guizhou

MONGOLIA

MONGOLIA

ALTAI NUURS

TSANT UUL

Altai Nuurs :

exploration and feasibility study to be completed in 2014

Tsant Uul: small pilot test with encouraging results on a coal to coal tar, off-gas and semi coke plant

Studying potential of CHP in Mongolia

Hebei

Henan

Shandong

Shanxi

GAOHE

HEBI

LUANNAN

ZHENGDING

ZOUPING

Gaohe: 6 Mt (above plan

of 5 Mt)

Hebi: 1.2 Mt OPEN CUT MINE

PROJECT

POWER

BIC record net profit: $24M contribution

UNST KHUDAG

CHINA

PIT BENCHES

IN-PIT CONVEYORS

BACKHOE EXCAVATOR

TRUCK

SPREADER

IPCC

WASTE DUMPNON-IPCC

WASTE DUMP

C.120 M

C.80 M

IN-PIT CRUSHER

DEEPER TONNAGES

IPCC WASTE

COMMENTS

8

2014 and beyond: Indonesia cost structure reduction

● IPCC trial commenced in December 2013 at Indominco East Block

● OB removal capacity: 14 MBcm per year

● Using power from Indominco coal-fired power plant

● Estimated cost savings around 10% of OB costs

● Facilitates access to deeper coal reserves

● More environmentally friendly: less dust, less noise, lower emissions

IN-PIT CRUSHING AND CONVEYING (IPCC)

Mine depth without IPCC

Mine depth with IPCC

ILLUSTRATIVE ONLY

● Completed study for trucks to partially replace diesel with LNG or other alternative fuels

● Currently at trial stage for coal transport at Indominco-Bontang

● Partnership with contractor under negotiation

● Possible implementation at Trubaindo-Bharinto

MID-TERM: ELECTRIFICATION

9

2014 and beyond: further Indonesia cost plans

● Electric overland conveyors being studied to reduce coal transport cost at both Indomincoand adjacent operations and Trubaindo-Bharinto

● Would enhance efficiency of coal transport while reducing operating costs

● Proven technology widely used in Europe, USA and Australia

● Possible medium term implementation

DIESEL SUBSTITUTION

Test unitwith LNG tank

ILLUSTRATIVE ONLY

10

2014 and beyond: Australia optimisation programme

COST MANAGEMENT REVENUE OPTIMISATION

• Lidsdale siding upgrade, completion due May 14

• Optimisation of rail and port capacity

• Improved coordination between rail, ports and domestic customers

• Target increased production from Springvale, Mandalongand Myuna, following new equipment installation in 2013

• Reduced longwallchangeover time

• ‘Step Change’ productivity programmecommenced

• New domestic sales contracts to be priced at long-term export parity price, providing a natural hedge against A$/US$ volatility

• Balance coal sales and revenues from domestic and export business

• Reduce customer concentration risk

Improving production volume

Logistics optimisation Sales contract pricing Balance customer diversification

NOTE: COMPARATIVE ECONOMICS

11

2014 and beyond: power business growth

● Fossil fuel like thermal coal and gas remains a primary source for power generation

● Renewable energy growing due to supportive government policies toward cleaner energy

● Japan and China aimed to significantly expand power capacity from wind and solar: short construction time of 1.5 years

INVESTMENT OPPORTUNITIES IN POWER

● Hongsa project in Laos: 78%-progress; COD in 2H2015 and in 1H2016

● Potential for brownfield growth around existing power assets ?

● Banpu exploring potential for new investment in coal-fired power and potentially also in renewable power businesses in Asia-Pacific

Source: IEA

BLCP18 year lifetime

?

?

Value creation

Lifecycle

Brownfield?

Greenfield?

Hongsa78% progress

CURRENT PROJECTS NEW PROJECTS Capex($/kW)

Non-fuel O&M ($/kW)

Capacity factor

Constructiontime

Nuclear

Coal supercritical

Gas CCGT

Wind

Solar

3

5

7

1.5

1.5

4,500

3,500

1,600

700

1,500

2 1

2 5

6 0

1 2 3

na

60%

22%

80%

na

85%

Note : capital costs include interest during construction, engineering, procurement , construction and legal expenses

12

Long term Asia Pacific power demand to 2035

*Note: ‘Others’* include power generation from oil, nuclear, geothermal and non-hydro renewablesSource : Energy outlook for Asia and the Pacific report, October 2013, ADB and APEC

China 1,174 1,1931,258

Japan

India

Vietnam

Indonesia

Thailand

Korea

Australia

761

1,102

670

616514 555

221286

607

311290353

220353

187

128 174

410

1,855

1,374

3,437

5,462

6,467

9,542

2015 2020 2035

2015 2020 2035

2015 2020 2035

2015 2020 2035

2015 2020 2035

2015 2020 2035

2015 2020 2035

2015 2020 2035

Unit: TWh

Coal

Gas

Hydro

Others*

CAGR

6%

3%

6%

5%

CAGR

5%

2%

8%

2%

CAGR

2%

-2%

1%

CAGR

-3%

0%

2%

1%

CAGR

2%

6%

CAGR

16%2%5%

8%

Other Asia Pacific

2015 2020 2035

CAGR

0%4%

4%

1%

CAGR

1%6%3%

6%CAGR

6%1%5%2%

Power demand in Asia-Pacific forecast to increase 76% by 2035 including 66% increase in coal-fired power equivalent to 2.1 billion tonnesincremental coal demand*

EIA assumption1,870 KWh = 1 tonne coal1 TWh = 0.54 million tonnes coal

10483187

PhilippinesCAGR

6%

2015 2020 2035

13

Banpu examining its strategic horizons

Coal-mining

Tr

an

s-P

ac

ific

*

* The Trans-Pacific Partnership (‘TPP’) is currently under negotiation between countries of Asia-Pacific and the America to foster trans-Pacific trade and investment growth

As

ia-P

ac

ific

AUSTRALIA

COAL

Coal-power/oil New energy**

?

?

BLCPHONGSA

CHINAPOWER

?

BONTANG

INDONESIA

COAL

CHINA

COAL?

HUNNU

ILLUSTRATIVE ONLY

* New energy technologies: renewable energy, unconventional energy extraction, alternative fuels…

14

Financial summary

Power business

Coal marketing

Coal operations

Strategic review

5

4

3

2

1

2013 YoY 4Q13 QoQ

Sales revenue A$966m ▼ 12% A$259m ▲ 10%

EBITDA (pre FX) A$160m ▼53% A$49m 0%

PBT (pre FX) A$(11)m n.a. A$1m n.a.

Unrealised FX3 A$(56)m n.a. A$(5)m n.a.

NPAT A$(47)m n.a. A$(2)m n.a.

Gearing(Net debt to net debt + book value of equity)

36% 36%

CAPEX4 A$174 ▼58% A$48 ▼5%

15

Australia Coal: operational and financial summary

2013 OUTPUT (ROM EQUITY BASIS) KEY UPDATES

Production

● Equity ROM 3.7Mt (up 21% YoY), with all three LWs* in full production during 4Q13

● Equity ROM of 13.8 Mt (2012: 14.6 Mt ); placement of Airly and Mannering into C&M in 4Q12

● Focus on productivity resulted in four annual production records

ASP

● 4Q13: A$68/t

● Sales volume down 5% YoY

● Domestic: export split 62%:38% (2012: 56%:44%)

● Improved domestic margins helping to sustain ASP

● 2013 ASP c. A$70/t

*LW: longwall

Note 1: Airly and Mannering mines placed on “Care & Maintenance” November 2012.

Note 2: NCIG = Newcastle Coal Infrastructure Group; PWCS = Port Waratah Coal Services; PKCT = Port Kembla Coal Terminal.

Note 3: Pre tax impact of A$ translation of US$ denominated net debt. A$ depreciated 14% in 2013.

Note 4: Plant & Equipment

FINANCIAL SUMMARY

Wollongong

PKCT

Charbon

Airly

Neubeck Angus Place

Clarence

Springvale

Mandalong Myuna

Newstan Extension

Sydney

PWCS

Newcastle

Inglenook

Open-cut mine

Project

Underground mine

Port

Power station

RoadRail

WESTERN OPERATIONS: 6.8 Mt

NORTHERN OPERATIONS: 7.0 Mt

NCIG

Mannering

16

NEWSTAN EXTENSIONMANDALONG OTHER OPERATIONS

Australia Coal: Northern Operations quarterly output

1.10.8

1.9

0.7

1.5 1.4

LW MOVE SCHEDULE

COAL OUTPUT (Mt)*

CV: 6,700 kcal/kg**

Mth 1

Mth 2

Mth 3

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e 2Q14e

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

4 wks

6 wks

0.6 0.5 0.6 0.5 0.5 0.7

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

COAL OUTPUT (Mt)*

CV: 6,700 kcal/kg**

● Mandalong

Annual production down 10% YoY: two extended changeovers, LW outperformance; installation road failure

3x new development units achieving record performance

● Myuna: 2013 annual production record of 1.6 Mt, 10% up on 2012

● Newstan: continues as CM mine while expansion opportunities assessed ventilation shaft completed

LW MOVE SCHEDULE

Mth 1

Mth 2

Mth 3

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

Completion date extended

COAL OUTPUT (Mt)*

CV: 6,700 kcal/kg**

Note: *ROM output on an equity basis**CV figures are air-dried basis

7 wks

COMMENT

3wks

17

● Angus Place: above plan performance: record c.4.0 Mt (100%)

● Charbon and Clarence: Strong performances resulted in record annual output of 1.5 Mt and 2.4 Mt respectively (100%)

● Springvale: challenging mining conditions and ageing equipment for much of 2013; new LW commissioned during 4Q13, now full production

● Bushfires 4Q: Lost 5-days output at Clarence and Springvale; rail network affected for two weeks

0.9 0.71.0 1.0

0.7 0.8

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

OTHER OPERATIONSANGUS PLACE SPRINGVALE

Australia Coal: Western Operations quarterly output

0.4 0.3 0.2 0.4 0.5 0.50.2

0.5 0.5 0.5 0.5 0.4

COAL OUTPUT (Mt)*

CV: 6,700 kcal/kg**

COAL OUTPUT (Mt)*

CV: 6,700 kcal/kg**

LW MOVE SCHEDULE

Mth 1

Mth 2

Mth 3

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e 2Q14e

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

COAL OUTPUT (Mt)*

CV: 6,700 kcal/kg**

LW MOVE SCHEDULE

Mth 1

Mth 2

Mth 3

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e 2Q14e

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

6 wks

Note: *ROM output on an equity basis: Angus Place and Springvale 50%, Clarence 85% & Charbon 95%

**CV figures are air-dried basis

COMMENT

2 wks

1 wk

4 wks

0

10

20

30

40

50

60

COMMENTS

18

Australia Coal: operating costs

● Strong 4Q13 performance delivered lowest quarterly cost for year

● Focus on cost control and productivity delivered improved costs YoY

● A$100m removed from 2013 cost base compared to 2012 (including one-off redundancy costs in 4Q13)

● Group productivity improved c.9%, leading to four annual production records

● One-off costs due to bushfires and further restructuring impacted 4Q13 by c. $1/tonne

● Continuing focus on improving operating costs and productivity: FY14 costs expected to improve further

INDICATIVE AVERAGE PRODUCTION COSTS*

General expenses

Coal handling & preparation

Open-cut contractor cost

Repairs & maintenance

Stores & supplies

Labour

Depreciation

* These figures do not include selling, distribution and royalty costs** Based on ‘sold’ production

$52

$59A$/t

Cash overhead

$58

$52

$47

$55$53

1Q 2Q 3Q 4Q

2012

Full year2012

1Q Full year20132013

Planned cost reduction 2012 achieved

2Q

$51

3Q

$51$50

4Q

LOGISTICS

19

Australia Coal: further optimisation

● Lidsdale Siding: Western load point upgrade to 8 Mt will complete May 2014

● Rail efficiency improving, with longer trains driving lower costs

● Improved coordination between rail, ports and domestic customers

PRODUCTIVITY

● Springvale: new generation high productivity LW in full production

● Mandalong: 3x New generation LW Development CMs delivering + 20% improvement in development rates

● Myuna: completely re-equipped

● “Step Change” productivity programmecommenced across all mines

KEY UPDATES

20

Indonesia coal: operational and financial summary

OUTPUT 2014 (100% BASIS, SALEABLE COAL)

FINANCIAL SUMMARY

2013 YoY 4Q13 QoQ

Sales revenue $2,179m ▼ 11% $546m ▲ 1%

EBITDA $401m ▼ 35% $102m ▼ 11%

NPAT $230m ▼ 47% $46m ▼25%

Gearing(Net debt to Net debt + book value of equity)

n.a. n.a.

CAPEX $44m $4m

East Kalimantan

Bunyut Port

Balikpapan

Palangkaraya

Banjarmasin

Central Kalimantan

South Kalimantan

Kitadin -Embalut

1.0 Mt

Indominco15.2 Mt

Trubanindo7.3 Mt

Bharinto3.0 Mt

Jorong1.2 Mt

Samarinda

Jorong Port

Operation

Project

Operation

Project

POWER

COAL

Bontang Coal Terminal

Captive coal-fired power

project

KitadinTandung Mayang1.8 Mt

2014 target: 29.5 Mt Production

• 2013: record output of 29.4mt (slightly lower than plan), up 7% YoY

• 4Q13: 7.4mt, down 7% YoY

• 2013 production slightly lower than target due to weather condition

ASP

• 2013: $74.9/t (down 17% YoY)

• 4Q13: $71.0/t (down 2% QoQ)

• Weak coal market throughout 2013 impacted ASP

21

0.3 0.3 0.3 0.3 0.3 0.3JO

RO

NG

0.3 0.2 0.3 0.20.4 0.3

15.1 15.1 15.1 15.1 15.117.9

2.1 2.0 2.0 2.0 1.9 1.7

0.50.2 0.5

2.5 2.4 2.5 2.7 3.0 3.4

2.0

1.1 1.11.3 1.0 0.4

0.4

0.8 0.50.6 0.7

0.5

4.9

4.3 4.14.6 4.7

4.3

EMBALUT AND JORONGINDOMINCO - BONTANG TRUBAINDO - BHARINTO

Indonesia coal: quarterly output

Note: *Output figures are 100% basis**CV figures are air-dried basis

COAL OUTPUT (Mt)*

CV: 6050 - 6500 kcal/kg**

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

E B

LO

CK

TD

MY

WB

LO

CK

STRIP RATIOS (bcm/t)

7.2

16.9

IND

OM

INC

OT

DM

Y

13.9

19.1

9.3

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

16.8

7.2

COAL OUTPUT (Mt)*

CV: 6250 - 7200 kcal/kg**

TR

UB

AIN

DO

BH

AR

INT

O


TR

UB

AIN

DO

10.312.210.9 10.9

2.4

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

2.3

11.1

BH

AR

INT

O

6.9 6.9

COAL OUTPUT (Mt)*

CV: 5750 kcal/kg**

CV: 5300 kcal/kg**

EM

BA

LU

T


8.6

10.6

6.0

11.5

JO

RO

NG

EM

BA

LU

T

8.6

6.0

8.6

11.5

8.6

10.9

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

8.6

10.6

9.0 9.3

7.5

11.2

9.2

EA

ST

WE

ST

7.5

2.6

19.1

7.8

2.52.2

0.32.1

17.1

8.3

COMMENTS

22

● Achieved lower total costs of $61/tonne in 4Q13 down from $67/tonne in 4Q12

● ITM continue to reduce average strip ratios in 2013 to cope with lower coal price trend

● Continue to focus on cost reductions including implementation of cost reduction program such as IPCC, renegotiate barging contract, fuel substitute, etc.

● IPCC will lower usage of diesel truck and shovel and use more electricity from owned power plant

Indonesia Coal: total costs

4Q13 AND FY13 AVERAGE TOTAL COSTS

0

10

20

30

40

50

60

70

80

Mining and contractor cost

* Coal transportations, repair and maintenance, salaries and allowance, etc.

$74$72

$68

$65

$/t

$67

Other production costs*

Dep. & Amortisation

SG&A expenses

Royalty

1Q 2Q 3Q 4Q Full year 1Q

$70

Full year2012 2012 2013 2013

$62$64

2Q

$59

3Q

$61

4Q

1.2 1.4 1.3 1.22.1 1.6

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

23

CHINA COAL 2013 PRODUCTION TARGETS*

BEIJING

Hebi(40%),Henan1.2 Mt

Gaohe (45%),Shanxi 6.0 Mt

OperationProjectOperationProject

POWER

COAL

Gaohe

CV: 6500-8000 Kcal/kg**

Hebi

CV: 5300-6800 Kcal/kg**

4Q12 – 4Q13 COAL OUTPUT (Mt ROM)

China Coal: growing coal output

0.3 0.3 0.3 0.3 0.3 0.3

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

Note: *Output figures are ROM output (100% basis)

**CV figures are air-dried basis

GAOHE

● 2013 production 6Mt (above target 5Mt)

● Mining bolter was installed underground in Dec’13

HEBI

● Ventilation shaft incident in December caused stoppageto one LW unit; shaft was repaired; LW back to fullproduction since Jan’14

● Improvements to mine safety and planning withcontinued introduction of hazard mapping and geologicmodeling

● Degas improvement trials showed promising results forwater flushing and under-seam protection mining (UPM)

OPERATIONAL UPDATES

Summary 3Q13 4Q13 2012 2013

Sales (Mt) 1.2 1.8 4.0 5.5

ASP (RMB/t) 505 527 616 561

Revenue (US$ M) 101 157 388 341

COGS (RMB/t) 357 297 458 417

EBITDA (US$ M) 13 32 145 181

ALTAI NUURS AND UNST KHUDAG PROJECTS

24

Mongolia Coal: project development

● Altai Nuurs Project:

Completed drilling test and plan to complete the PEA (Preliminary Economic Analysis) and PFS (Preliminary Feasibility Study) in 2014

• Unst Khudag Project

Completed the updated Geological and Mining Models

TSANT UUL PROJECT

● Completed mine development

● Completed small pilot tests with encouraging results on a potential coal to coal tar, off-gas and semi-coke plant

● Focus on larger scale test plants and product testing, aiming to develop c.0.5 Mtpa coal-to-chemicals commercial scale plant by 2015

● Currently testing the market in China; some trial lots have been sent to customers

OVENCOAL

COAL TAR

SEMI-COKE

OFF GAS

COKING/

STEEL

MAKING PLANT

DIESEL

CAPTIVE POWER PLANT

GRID?

REFINER

STEELOVEN

COAL TO SEMI-COKE AND COAL TAR PILOT STUDY

25

Financial summary

Power business

Coal marketing

Coal operations

Strategic review

5

4

3

2

1

Europe Continue power plant retirement, strong clean-dark spreads keep coal burn high

China Slower demand growth, political / environmental issues, low quality coal import ban (?), high competition from domestic suppliers.

India High electricity demand growth, insufficient domestic coal supply, focus LCV

Other NorthAsia

Continue nuclear stoppage in Japan, coal still competitive in all north Asian countries

Others Other Asian and South Americas drive demand growth

USA Continue retracting to domestic and HS bigger share of export

Colombia Drummond export ban in Q1, political, social/environmental issues continue

South Africa

Higher rail efficiency

Continuing political, social issues. Expand or not debatable

Indonesia Debating policies: export level, price levels, tax levels, DMO, losing market share for LCV, offshore loading, trading oversight

Considerable expansion (more LCV / less HCV)

Australia Encouraged by exchange rate Discouraged by prices and challenges for higher ash

Considerable expansion

26

New emerging thermal trends for 2014

SUPPLY TRENDS DEMAND TRENDS

-3 Mt

+5 Mt

+2 Mt

+15 Mt

+10 Mt

+1-5 Mt

+1-5 Mt

+12 Mt

+1-5 Mt

+10 Mt

27

Banpu ASPs vs thermal coal benchmark prices

• Declines in ITM ASP are combination of continued market easing and product mixes

• Tonnages remain high for shipment, protecting total revenues

• Centennial concluded sales of 3.7 Mt in 4Q13 at ASP of A$71/t, down 4% QoQ in line with easing export prices and more domestic deliveries

• Reduced demurrage cost of Indonesia coal from $0.9/t in 2012 to $0.7/t in 2013, down 35%

• ITM ASP 2013 US$75/t

• CEY ASP 2013 A$70/t

BANPU ASP VS BENCHMARK PRICES

* The Newcastle Export Index (previously known as the Barlow Jonker Index – BJI)

ITM ASP 4Q13 $71.0 (-2% QoQ)

CEY ASP 4Q13 A$70.6 (-3% QoQ)

NEX* February 20, 2014 $77.0

Unit: $/t

COMMENTS

0

20

40

60

80

100

120

140

160

180

200

Ja

n-0

7A

pr-

07

Ju

l-0

7O

ct-0

7J

an

-08

Ap

r-0

8J

ul-

08

Oct

-08

Ja

n-0

9A

pr-

09

Ju

l-0

9O

ct-0

9J

an

-10

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1A

pr-

11J

ul-

11O

ct-1

1J

an

-12

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3A

pr-

13J

ul-

13O

ct-1

3J

an

-14

Monthly NEX

Quarterly ITM ASP

Quarterly Centennial ASP

28

China and India thermal coal market review

CHINA ANNUALIZED ACTUAL IMPORT 1Q12-4Q13&1Q14e

CHINA THERMAL COAL IMPORTS/EXPORTS* INDIA THERMAL COAL IMPORTS**

INDIA ANNUALIZED ACTUAL IMPORT 1Q12-4Q13&1Q14e

CHINA DOMESTIC COAL PRICES

93 103

147 155

14 7 5 4 4

2010 2011 2012 2013 2014F

Import

Export

Sources: China Coal Report Jan 2014, Banpu MS&L Estimates

Unit: Mt 152 155

2010 2011 2012 2013

6887

107

148

2010 2011 2012 2013 2014F

136148

Sources: Salva Report India, Banpu MS&L Estimates

2010 2011 2012 2013

116151 146 148 140 159 162 144

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

Import

Export

94 97 104133 131

159135 120 120

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

ImportExport

Unit: Mt

Unit: Mt Unit: Mt

400

500

600

700

800

900

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct

-12

Dec

-12

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct

-13

Dec

-13

Fe

b-1

4

> 5,800 kcal/kg> 5,500 kcal/kg> 5,000 kcal/kg

Unit: RMB/t

585545470

Source: www.sxcoal.com/cn 25 February 2014

INDIA FOCUS COMMENTS

• Electricity demand continues to grow

• Coal remains the base-load for power generation

• Insufficient domestic coal supply

• Depreciation of Rupee impact coal import

CHINA INDIA

175

* Does not include lignite imports c.0.5Mtpa **Includes lignite grade imports

29(1) Excluding Mongolia coal

(2) Sales from Indonesia are included on 100% basis, sales from Australia and China are included on equity basis

Banpu group coal sales 2013 and 2014e

JAPAN

6.4 Mt

PHILIPPINES

2.2 Mt

INDONESIA

3.2 Mt

THAILAND

1.9 Mt

INDIA

2.5 Mt

OTHERS

0.8 Mt

HK

0.3 Mt

S KOREA

2.9 MtCHINA

11.1 Mt

TAIWAN

3.7 Mt

AUSTRALIA

8.5 Mt

ITALY

0.8 Mt

2.9

1.8

4.6

2.0

8.10.7

0.1

1.7

2.2

0.30.5

Total: 45.7 Mt

(Sales from Indonesia are included on 100% basis, sales from Australia and China are included on equity basis )

MALAYSIA

0.8 Mt

USA

0.6 Mt

19%

24%

14%

7%

8%

6%

5%

5%

5%1%

1%

1%

2%

2%

Indonesia Coal

Australia Coal

China Coal

% of total sales

COAL SALES(1) 2013 : 45.7 Mt(2)

JAPAN

7.0 Mt

PHILIPPINES

1.8 Mt

INDONESIA

3.7 Mt

THAILAND

2.3 Mt

INDIA

3.0 Mt

OTHERS

1.9 Mt

HK

0.4 Mt

S KOREA

3.2 MtCHINA

10.1 Mt

TAIWAN

2.6 Mt

AUSTRALIA

10.1 Mt

ITALY

0.7 Mt

3.2

1.8

5.2

1.8

6.8 1.1

0.1

0.8

2.1

1.50.4

MALAYSIA

0.7 Mt

USA

0.7 Mt

COAL SALES(1) 2014e : 48.2 Mt(2)

Total: 48.2 Mt

(Sales from Indonesia are included on 100% basis, sales from Australia and China are included on equity basis )

6%5%

1%

5%

4%

1% 8% 21%

4%

7% 15%

21%1%

1%

30

Indicative 2014 Banpu coal sales pricing status

INDONESIA COAL

Fixed

53%

13%

7%

11%

7%9%

Unsold

AUSTRALIA COAL

TARGET SALES 2014 (equity basis): c.15.3 MtAs at 25 Feb 2014

Indexed

Domestic: Legacy

Fixed ExportDomestic: long-term

export parity

Unpriced1

Note:1JPU contracts comprise 10% of 11% of unpriced sales.

Unsold 21%

Fixed 47%

TARGET SALES 2014: c. 30.7 MtAs at 25 Feb 2014

Indexed20%

Unpriced12%

31

Financial summary

Power business

Coal marketing

Coal operations

Strategic review

5

4

3

2

1

9684

96 93

3Q13 4Q13 2012 2013

32

Thailand Power: BLCP in 2013USD million

Energy Payment (EP)

Dispatch (%)

Availability Payment (AP)

Q-Q : -40.4%Y-Y : -13.1%

Q-Q : -87.6%Y-Y : -15.8%

Q-Q : -67.2 %Y-Y : -7.3%

Total revenue

EBIT

EBITDA

Q-Q : -31.8%Y-Y : -14.9%

Q-Q : -52.2 %Y-Y : -10.7%

Based on Banpu’s 50% interest

Q-Q: -68.3%

Y-Y: +12.6%

Equity income

73FX gain

82

27

8

FX Loss

2012 2013

2012 20133Q13 4Q13

FX gain

7536

3Q13 4Q13 2012 20132012 2013

263 235

78 53

3Q13 4Q13 2012 20132012 2013

310264

95

3Q13 4Q13 2012 20132012 2013

605526

160

7

3Q13 4Q13 2012 20132012 2013

176148

56

24

3Q13 4Q13 2012 20132012 2013

244227

73

26

3

1

5

-8

7581

7

PROGRESS UPDATES 4Q13

33

Thailand Power: Hongsa project in Laos


Note: *Banpu’s equity injection US$340M from 2014-2016


Overall progress approx. 78% completeOverall progress approx. 40% complete

115 COOLING TOWER 1ST

UNIT115 KV TRANSMISSION LINE

34

Hongsa project: construction progress

COAL STOCKYARD BELT CONVEYOR

SUB-STATION PHASE SHIFT TRANSFORMER

COAL MINE

TRANSMISSION LINE

Note: *BIC = Banpu Investment China (formerly BPIC),** Unaudited figures, *** Including transportation

LuannanHebei Province

Power 100MW;

Steam 128tph

(Banpu 100% )

ZhengdingHebei Province

Power 48MW;

Steam 180tph

(100%)

ZoupingShandong Province

Power 100MW;

Steam 430tph

(70%)

Sales**

(USD m)

EBITDA

(USD m)

Utilization

(hours)

Power tariff

(RMB/kwh)

Coal price***

(RMB/t)

1,748

2,311 0.410.40

8.313.8

2.45.5

484465

22.526.3 4.8

6.61,787

2,162

655 630

0.44 0.43

511 498

1,251

1,54110.112.3

3.34.6

0.43 0.42

BIC*

45.7

97.9

47.8

13.7

16.8

18.6

25.0

9.5

15.5

7,7527,948

7,2457,761

5,8795,911

0.40 0.40

0.44 0.44

0.44 0.43

630504

833

652

676515

3Q13 4Q13 2012 2013

45.7

93.7

48.7

35

3Q13

China Power: BIC* in 2013 (100% basis)

4Q13 2012 2013 3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013

3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013

3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013 3Q13 4Q13 2012 2013

36

Financial summary

Power business

Coal marketing

Coal operations

Strategic review

5

4

3

2

1

37

Key external and corporate events

EX

TE

RN

AL

E

VE

NT

SC

OR

PO

RA

TE

E

VE

NT

S

DIR

EC

TIN

DIR

EC

T U.S. government

shutdown

Change in par value from Bt 10 to Bt 1

3Q13 Result announcement

3Q13 Analyst

meeting

3Q13 SET Opportunity Day

ADB lower Thailand’s 2013 economic growth to 3.8% from 4.9%

China increases export taxes on coking coal to 10%

Bushfire in Australia

impacts coal rail network

Bt5/share interim dividend paymentEnd of share

buy-back program of 5% (13.6million shares)


World Bank announced limits

lending for coal-fired power plants

Share split announced

EGM to approve the share split

• Positive economic data from China

• Moody’s upgrade US coal sector to STABLE

Syria chemical weapon threat

3Q13

FED not to reduce QE

2Q13 Analyst

meeting


Announced Bt5/share interim

dividend

India to defer coal import

from Indonesia as Rupee falls

Thermal coal dipped to 4-year lows at $77/t

Tony Abbot won the election to be new Australian prime minister

4Q13

Moody’s and Fitch warned a potential credit downgrade if political unrest prolongs

THB falls to 32/USD

Banpuroadshow in Singapore

Filing to the SEC; write-off of 135.6m shares between Mar 15-Sep 14, 2013

Anti-government protest in Thailand

SET fell by 68 points and Baht weakened

Japanese power utilities agree to buy coal at $89/t (lowest since 2009)

BHP cut 230 jobs at

Australian coal mine

China’s dimmed GDP forecast (7.4%), reforms may slow growth to the lowest since 1990

Indonesia to cap coal

output to 400 mt in 2014

1Q14

4Q13 Analyst meeting

Decrease in Paid-up Capital

announced


Announced Bt0.70/share 2H dividend


38

Banpu group Q-Q revenue analysis: coal operations

7.6 6.5 6.1 6.7 6.8

6.67.1 6.9 7.5 7.6

4Q12 1Q13 2Q13 3Q13 4Q13

Indonesia Coal (ITM)

Note: ITM and Centennial revenues are consolidated in Banpu income statement.Australia Coal – Third party coal sales included.

SALES (Mt)

AVERAGE SELLING PRICE (US$/t)

REVENUE ($M)

653563 527 543 545

4Q12 1Q13 2Q13 3Q13 4Q13

NE

X*

AS

P

Domestic

Export

86 93 86 78 84

81 80 77 73 71

4Q12 1Q13 2Q13 3Q13 4Q13

100% basis

100% basis

Note: ‘$’ in this presentation denotes US dollar only, otherwise stated

*NEX = Newcastle Export Index (formerly Barlow Jonker Index or BJI)

It is relevant but not linked to China Coal’s ASP

China Coal

Note: Hebi and Gaohe revenues are not consolidated in Banpu income statement.

SALES (Mt)

AVERAGE SELLING PRICE (US$/t) excl. VAT

REVENUE ($M)

154 161 133 126 186

4Q12 1Q13 2Q13 3Q13 4Q13

0.7 0.7 0.7 0.7 0.9

4Q12 1Q13 2Q13 3Q13 4Q13

AS

P 101 10690 81 88

4Q12 1Q13 2Q13 3Q13 4Q13

NE

X*

8693 86

78 84

Equity basis

100% basis

Domestic

Export

1.7 1.6 2.5 1.8 2.5

3.3 2.93.8 3.2 3.7

4Q12 1Q13 2Q13 3Q13 4Q13

Australia Coal (Centennial)

SALES (Mt)

AVERAGE SELLING PRICE (A$/t)

REVENUE (A$M)

244 202271 234 259

4Q12 1Q13 2Q13 3Q13 4Q13

AS

P

74 65 70 73 70

4Q12 1Q13 2Q13 3Q13 4Q13N

EX

*

8693 86

78 84

Equity basis

Equity basis

Domestic

Export

39

Banpu consolidated sales revenuesUSD million

Coal Indonesia

Power+5% Y - Y

984809

Power

Coal Australia

Coal Indonesia

Coal Australia

Note: Revenue from other is included in Coal.

854

-11% Y –Y

-15% Y - Y

-11 % Y - Y

3,775

3,351

USD million

Coal Australia+12% Q - Q-4% Y - Y

Coal Indonesia+1% Q- Q-18 % Y - Y

-13% Y –Y

+5% Q – Q

Power+29% Q - Q+4% Y - Y

685 554 562

2,5132,247

248214 239

1,079

913

51 41 53

183

191

4Q12 3Q13 4Q13 2012 20132012 2013

Coal gross margin (weighted average) 4Q13: 32% Coal gross margin (weighted average) 2013: 32%

40

Banpu consolidated coal gross margin 2013 : 32%

Coal sales Gross margin

Indonesia gross margin: 35%

Indonesia Coal

4Q12 3Q13 4Q13

35%38%38%

672

545540

USD million USD million

Australia gross margin: 25%

Australia Coal

4Q12 3Q13 4Q13

25%29%27%

248 239214

Indonesia gross margin: 36%

Indonesia Coal

2012 2013

36%

43%

2,476

2,182

Australia gross margin: 23%

Australia Coal

2012 2013

23%30%

1,079913

2012 2013 2012 2013

142 122 99

651

42011

3 9

29

27

49 43 54

226

146

11 35 9

68

103

4Q12* 3Q13 4Q13 2012* 2013

41

Banpu consolidated EBITDA

Coal Indonesia

Power

-35% Y-Y

USD million

Power

974

213203

Coal Australia Coal China Coal Indonesia

USD million

Coal Australia

Coal China

Coal - Indonesia

Power

-30% Y-Y

Coal - Australia

Coal - China

-18% Y-Y

171

-16% Q –Q

-20% Y –Y

-19% Q-Q

+200% Q-Q

697+52% Y-Y

-7% Y-Y

+26% Q-Q

+10% Y-Y

-28% Y –Y

* Reflects new TFRS accounting policies

+26% Q-Q

+10% Y-Y

-35% Y-Y

2012* 2013

8139

6

202

110

7

3

7

28

21

-6 -18 -13

26

-67 -9

23

-2

42

66

-2 -16

23

-27

-27

4Q12* 3Q13 4Q13 2012* 2013

FX• FX gains (Banpu)

+$30M

• FX losses (CEY) -$7M

42

Banpu consolidated NPAT

Coal Indonesia

Power

-46% Y-Y

USD million

Power

272

7130

Coal Australia Coal China Coal Indonesia

USD million

Coal Australia

Coal China

Coal Indonesia

Power n.m.

-93% Y-Y

Coal Australia

Coal China

+0% Y-Y

+43% Q-Q

* Reflects new TFRS accounting policies

20

-32% Q –Q

-71% Y –Y

-85% Q-Q

+133% Q-Q

103

+57% Y-Y

-25% Y-Y

FX and derivative

FX • FX gains (Banpu) +$25M

• FX losses (CEY) -$52M

+117% Y-Y

-62% Y –Y

n.m.

2012* 2013

GEARING RATIOS

43

Banpu gearing and foreign exchange structure

DEBT FX STRUCTURE

Note: 1 Net debt to book value of shareholders' equity2 Net debt to enterprise value (enterprise value = net debt + market capitalization as at 31 December 2013)

USD Float53%

USD Fixed27%

AUD Fixed

4%

THB Float2%

THB Fixed14%

TOTAL DEBT: $3.24 billionAs at 31 January 2014

0.74 0.791.07

Net debt / Equity1 (x)

42%45%

52%

Net market gearing2 (%)

Net debt / EBITDA (x)

2.052.52

3.99

2011 2012 20132011 2012 2013

44

Capex outlook : 2012-2015

100

1,273

123

197

427

Australia

340(1)

Total capexLaos

269230

Indonesia

146

Mongolia

200

100

China

37

* Capex figures exclude maintenance capex Disclaimer: all capex figures are indicative only and are subject to change

(1) Includes 2016 Hongsa equity injection

IPCC, BoCTexpansion, BunyutExpansion, etc

Newstan and Angus Place extension

China Power (BIC)

Tsant Uuldevelopment and Altai Nuursexploration

Capex from Hongsaproject in 2014-2016

USD million

Capex FY12-13

Capex FY14-15

494

779

45

● IFRIC 20 – Stripping costs in the production phase of a surface mining

● Stripping costs, which provides an improved access benefit to ore/ coal is recognized as an asset

● Effective date: January 1, 2014

● Compulsory for all mining companies with surface mines

● Change in accounting policy (retroactive and require restatement)

● First result will be shown in 1Q14 statements

COMMENTS

Change in accounting standard: Indonesia coal

Note: charts not drawn to scale. IFRIC stands for International Financial Reporting Accounting Interpretation Committee, ISAK stands for Interpretation of Financial Accounting Standard

1. Cash basis

• Capitalized O/B if there is future benefit (e.g. access to coal)

• O/B above LOM avg. is capitalized

• Capitalized O/B is amortized according to production and remaining reserves by pit

• Indominco

• Trubaindo

• Embalut

• Bharinto

*New practice to be applied for all ITM mines

8.0 8.4 8.2 8.7 4.2

2.01.0 2.5 1.03.5

2. Life of mine

3. Betterment

ROM

4. IFRIC 20/ISAK29

S/R

IFRIC 20 : MINING COSTCURRENT PRACTICES

Based on LOM S/R

Based on S/R attributable to coal inventory

Avg. 8.0

7.0

11.8

3.5

12

8.09.0

1 2.5 3.5ROM

8.9 7.5 7.9 4.011.6S/R

ROM

Avg. 8.0

Amort.(year 1)

Amort.(year 2)

Based on LOM S/R, production and reservesS/R ILLUSTRATIVE ONLY

• Jorong

• Td.Mayang

ROM

Avg. 8.0

S/R

8.0 8.0 8.0 8.0 8.0

S/R

COMMENTS

46

Change in accounting standard: BLCP

● TFRIC 4 – Determining whether an arrangement contains a lease

● Effective date: January 1,2014

● PPA is considered as a lease

● Treats capacity utilization as a ‘lease rental’

● Potential impact:

o Smooths revenue and net income curve over long term

o No change to cash flows and tax treatment

APR2: Availability Payment for power plant maintenance2 No adjustment

EP :

Energy payment for fuel cost3 No adjustment

VOM :

Variable operating and maintenance

4 No adjustment

APR1: Availability Payment for investment cost

1

Adjustment :

- APR1

+ Interest income

+ Depreciation

+/- Gain(loss) on FX

EXISTING REVENUE

TARIFF BASED INCOME

TFRIC 4

LEASE BASED INCOME

TFRIC4 ADJUSTMENTS FOR BLCP INCOME

47

Appendices

INDONESIA COAL: SALEABLE COAL 100% BASIS

48

MONGOLIA COAL: SALEABLE 100%BASISCHINA COAL: SALEABLE COAL EQUITY BASIS

Banpu group indicative five-year plan output targets

Disclaimer: These output targets are indicative only and are subject to change.

0

5

10

15

20

25

30

35

2012 2013 2014 2015 2016

Bharinto

JorongEmbalut

Trubaindo

Indominco

* **

* Tandung Mayang

0

5

10

2012 2013 2014 2015 2016

Gaohe (45%)Hebi (40%)

0

5

10

2012 2013 2014 2015 2016

Mt

MtMt

AUSTRALIA COAL: SALEABLE EQUITY BASIS

Others - West

Springvale (50%)Angus Place (50%)Others - NorthNewstan Ext (100%)

Mandalong (100%)

0

5

10

15

20

25

30

35

2012 2013 2014 2015 2016

Mt

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

2012 2013 2014 2015 20162012 2013 2014 2015 2016

49

Indonesia Coal gross margin 4Q13 : 35%

4Q12 3Q13 4Q13

35%38%

38%

545

Indonesia Coal

USD million

4Q12 3Q13 4Q13

Indominco

40%

37%

37%

259258

333

4Q12 3Q13 4Q13

34%

36%

31%

179

Trubaindo

228

160

4Q12 3Q13 4Q13

53%

Jorong

29%30% 25%

19 14 1652%

4Q12 3Q13 4Q13

20 54%

32% 34%

Kitadin

28 17

672

540

4Q12 3Q13 4Q13

Bharinto

17

5247%

48%52%

4Q12 3Q13 4Q13

TandungMayang

53

37%40%

51%

3839

25

34%

50

Banpu group EBITDA breakdown

46 43 34 58

-3 -3 -3 -3

2

-1

1 1

19 16 13 20

9 10 12 0

18 19 12 16

51 46 21 65

Jorong

-4 -2 -1 -4

58 72 7324

2 0

-2

1

99 88 114 102

50%

40%

Power & New energy

40%

45%

70%

Note: all ownership 100% unless otherwise shown.*BIC = Banpu Investment China (formerly BPIC)

Gaohe

Hebi

BLCP

HONGSA

BIC*

Zouping

7 6 5 7

Zhengding

6 3 2 6

Luannan

4 3 3 5

& holding companies

65%

Indominco

Trubaindo

Kitadin

AACI OVERHEAD

Unit: $M

100%

1162 43 43

Consolidated NOT consolidated

-2 -2 -3 -2

17 13 10 14

Unit: AUD Mil

All figures are 100% basis except for Centennial which is equity basis

148175 203 171

Bharinto

1Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q13 1Q13 2Q13 3Q13 4Q13 1Q13 2Q13 3Q13 4Q13 1Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q131Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q13 1Q13 2Q13 3Q13 4Q13 1Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q13

1Q13 2Q13 3Q13 4Q13

51

Banpu group net debt breakdown

Note: all ownership 100% unless otherwise shown.*BIC = Banpu Investment China (formerly BPIC)

1201 1286 14721686

318 224 192 155

& holding companies

2,484 2,469 2,482 2,500

1Q13 2Q13 3Q13 4Q13

4Q131Q13 2Q13 3Q13

AUSTRALIA COAL INDONESIA COAL CHINA COAL MONGOLIA COAL

THAILAND POWER LAOS POWER CHINA POWER

Gaohe Hebi

HONGSABLCP BIC*Consolidated

NOT consolidated

100% 65% 45% 40% 100%

50% 40% 100%

Net debt

Net cash

548 631 687 667

-496 -400 -418 -289-40 -24 -18 -19 -5 -5 -7 -5

574 557 506 490 -4

1 3

-15

Unit: AUD Mil

Unit: $M

4Q131Q13 2Q13 3Q13 4Q131Q13 2Q13 3Q13 4Q131Q13 2Q13 3Q13 4Q131Q13 2Q13 3Q13

4Q131Q13 2Q13 3Q13 4Q131Q13 2Q13 3Q13 4Q131Q13 2Q13 3Q13

52

Banpu consolidated : operating profit

Units: USD million

Sales revenues – Power (BIC)

Cost of sales

Gross profit* -25%

GPM

YoY%

-11%

Sales revenues – Coal

Total sales revenues*

-12%

Gross profit - Coal -27%

Gross profit – Power (BIC)

GPM – Power (BIC)

GPM - Coal

5%

67%

191

(2,276)

1,075

32%

2013

3,351

3,128

1,008

52

27%

32%

183

(2,332)

1,443

38%

2012

3,775

3,555

1,387

31

17%

39%

Note: * Including other business

Units: USD million

Gross profit -25%

GPM

SG&A

Royalty

Other income

EBIT -36%

EBITDA -28%

YoY%

EBIT - Coal -45%

EBIT - Power

Income from associates

72%

EBITDA - Coal -34%

EBITDA - Power 51%

Other expenses - Operations

1,075

32%

(402)

(325)

57

471

697

2013

380

91

95

594

103

(30)

1,443

38%

(448)

(383)

63

740

974

2012

687

53

86

906

68

(21)

53

Banpu consolidated: operating profit

54

Banpu consolidated : net profit

Note: * Income from non-core assets and other non-operating expenses

Units: USD million

EBIT -36%

YoY%

471

2013

Interest expenses

Financial expenses

Minorities

Non-recurring items*

Income tax (non - core business)

Income tax (core business)

Net profit before extra items

(116)

(11)

(85)

(39)

(21)

(104)

155

Net profit before FX -57%130

FX translations

Net Profit -62%

(27)

103

EPS (USD/share) 0.04

-45%

Deferred tax income (expenses) 35

740

2012

(112)

(11)

(152)

0

(14)

(183)

298

(27)

272

1.00

283

30

55

Banpu consolidated : operating profit

Units: USD million

Sales revenues – Power (BIC)

Cost of sales

Gross profit*

GPM

Sales revenues – Coal

Total sales revenues*

Gross profit - Coal

Gross profit – Power (BIC)

GPM – Power (BIC)

GPM - Coal

-18%

YoY%

-13%

-14%

-21%

4%

69%

41

(526)

284

35%

3Q13

809

760

271

9

22%

36%

51

(648)

336

34%

4Q12

983

920

321

9

18%

35%

Note: * Including other business

-4%

QoQ%

5%

4%

-6%

29%

71%

53

(580)

274

32%

4Q13

854

793

255

15

29%

32%

Units: USD million

Gross profit

GPM

SG&A

Royalty

Other income

EBIT

EBITDA

EBIT - Coal

EBIT - Power

Income from associates

EBITDA - Coal

EBITDA - Power

-18%

-26%

-20%

YoY%

-27%

-17%

-20%

-18%

Other expenses - Operations

284

35%

(93)

(81)

13

144

203

3Q13

117

27

29

168

35

(7)

336

34%

(122)

(105)

28

143

213

4Q12

137

6

17

202

11

(10)

56

Banpu consolidated: operating profit

274

32%

(97)

(82)

11

105

171

4Q13

100

5

7

162

9

(7)

-4%

-27%

-16%

QoQ%

-15%

-81%

-4%

-74%

57

Banpu consolidated : net profit

Note: * Income from non-core assets and other non-operating expenses

Units: USD million

EBIT

Interest expenses

Financial expenses

Minorities

Non-recurring items*

Income tax (non - core business)

Net profit before FX

Income tax (core business)

Net profit before extra items

FX translations

Net Profit

EPS (USD/share)

-26%

YoY%

-104%

-71%

-46%

Deferred tax income (expenses)

144

3Q13

(30)

(3)

(22)

(20)

-

40

(29)

60

(10)

30

0.012

0

143

4Q12

(29)

(2)

(23)

(17)

-

73

(33)

(2)

71

0.26

57

32

105

4Q13

(30)

(3)

(17)

(31)

(8)

(3)

(24)

31

23

20

0.008

(6)

-27%

QoQ%

-108%

-32%

-48%

Units: USD million 2013 YoY%

Cost of sales

Gross profit -35%

GPM

Royalty

SG&A -17%

-21%

-101%EBIT

-5%

Sales revenue

Sales volume (Mt)

-15%

Other income 30%

Interest expenses

Financial expenses

Net profit -149%

2012

(751.25)

327.78

30%

(75.01)

(186.44)

68.85

14.30

1,079.03

22.98

(25.56)

(5.80)

101.33

(699.42)

213.97

23%

(58.96)

(155.56)

(0.87)

13.59

913.38

29.84

(26.33)

(5.76)

Gain (loss) on exchange rate 5.34(52.40)

Corporate income tax 0.55-

(49.30)

Gain (loss) on derivative 57.9518.38

Other expenses (20.46)(30.16)

58

Centennial : Income Statement

Deferred tax -17.69

47%

Units: USD million

Cost of sales

Gross profit

GPM

Royalty

SG&A

EBIT

Sales revenue

Sales volume (Mt)

Other income

Interest expenses

Financial expenses

Gain (loss) on exchange rate

Net profit

Gain (loss) on derivative

4Q12

(179.87)

68.18

27%

(17.03)

(48.06)

2.05

3.297

248.05

(6.50)

(2.13)

(1.43)

10.24

18.23

Other expenses

59

Centennial : Income Statement

YoY%

-14%

-26%

-10%

464%

11%

-4%

19%

n.m.

-29%

9.19

(10.23)

QoQ%

-4%

-6%

7%

70%

14%

12%

131%

n.m.

4%

Deferred tax income -

4Q13

(180.50)

58.78

25%

(15.33)

(35.56)

11.56

3.659

239.29

10.91

(6.57)

(1.62)

(6.58)

(2.44)

0.33

(7.24)

0.45

3Q13

(153.21)

61.15

29%

(14.37)

(37.75)

6.81

3.214

214.37

4.73

(6.40)

(1.34)

0.99

0.36

0.29

(6.96)

-

60

Australia Coal: quarterly equity ROM output

Note: Bar width is indicative of the equity production contributions to CentennialNote 2: Production generally responds to the timing of longwall changeovers (i.e. lower production results during a longwall changeover period)

Normal production Bolt-up/commissioning

1.5 1.7 1.9 1.7 1.5 1.6 1.7 1.7

1.3

2.51.2 2.0 2.1 1.7

2.71.9

2.8

4.2

3.1

3.7 3.63.3

4.4

3.6

0.00.51.01.52.02.53.03.54.04.55.0

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

Total equity ROM (Mt)

ACTUAL PLANNED (INDICATIVE ONLY)

WE

ST

ER

NN

OR

TH

ER

N

6 wks

7 wks

LW relocation

3

2013 2014

6 wks

5 wks

3

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