2Q11 results and comments

INVESTOR & ANALYST UPDATE

11st August 2011

1

The views expressed here contain information derived from publicly available sources that have not been independently

verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward

looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be

incorrect. This presentation should not be relied upon as a recommendation or forecast by Banpu plc. 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.

Disclaimer

2

1. Focus: Bharinto and Tandung Mayang

2. Coal divisions

3. Coal market

4. Power division

5. Financial summary

Appendices

3

1. Focus: Bharinto and Tandung Mayang

4

New integrated operations groups

Maha

kam

River

South Block 1

(Dayak Besar)

North

Block

Kedangpahu

River

ROM

stockpile

Bunyut Port

Product coal

conveyor, stacking,

stockpile

South Block 2

(Biangan)PT.

BHARINTO

PT.

TRUBAINDOEAST

BLOCK

Santan River Port

stock yard

Bontang City

Asphalt

haul

road

Inland

conveyor

4km

Operations

Stockpile

Ports

Hauling

Crusher

Post

Panamax

95,000DWT

WEST BLOCK

TANDUNG MAYANG

Mine

stockyard

ROM

stockpile

Bontang

Coal Terminal

ITM operations in Kalimantan

Balikpapan

Palangkaraya

Banjarmasin

Kitadin

Embalut

Indominco

Trubaindo

Samarinda

Jorong Port

Bontang Coal

Terminal

Bharinto

Kitadin

Td.MayangBunyut Port

2

1

Jorong

Going forward, ITM will

rationalize and consolidate its

Kalimantan operations into three

operational groups

Each group will have its own

integrated mining, crushing and

logistics system

Objective will be increased

efficiency, optimization and

productivity

The Trubaindo-Bharinto operations

consist of the Bunyut barge port,

Trubaindo North Block, Trubaindo S.

Block and Bharinto

Operations group target output

(medium term): 10-15 Mtpa

The Bharinto project represents a

low risk and low cost ‘brownfield’

expansion of its operations group

The Indominco-Tandung Mayang

operations consist of the Bontang

Coal Terminal, Indominco W. Block,

Indominco E. Block, Kitadin Embalut

and Tandung Mayang

Operations group target output

(medium term): 15 Mtpa

The Tandung Mayang project also

represents a low risk and low cost

‘brownfield’ expansion of the

Bontang operations group

1 2

5

Bharinto and Tandung Mayang (overview)

Bharinto Tandung Mayang

First output 4Q 2011 3Q 2011

Target annual output 2 - 4 Mt 2 - 3 Mt

Coal quality*6,800 kcal/kg

Sulfur 0.8%

6,800 kcal/kg

Sulfur 1.5%

Reserves 45.5 Mt 9.7 Mt

Strip ratio (avg.) 7.8 bcm/t 15.0 bcm/t

Logistics to ship Truck – Bunyut barge loader Truck – BoCT ship loader

Capital expenditure US$ 44 m(US$ 39 m spent to date on infrastructure)

US$ 30 m(US$ 26 m spent-to-date on equipment)

*Air dried basis

6

Current status

Bharinto Tandung Mayang

Crushing plant construction under

commissioning

Mining contractor selected in

March 2011

Site preparation underway to start

pre-stripping activity in 3Q11

FY11 output : 0.2 Mt

Already started the pre-stripping

activity in 1Q11 at TDMY KP

Coal production will restart in

3Q11

FY11 output 0.5 Mt

7

Reserves

OB

146 M bcm

Average

SR 15.0

bcm/t

OB

355 M bcm

Bharinto

Average

SR 7.8

bcm/t

Tandung Mayang

Reserves 45.5Mt

6,800 kcal/kg (adb)

Sulfur: 0.8%

Ash: 4%

Reserves 9.7 Mt

6,800 kcal/kg (adb)

Sulfur: 1.5%

Ash: 4%

INDICATIVE ONLY

8

Bharinto schematic

Construction

commenced Q309

2004

2006 2009 2010 2011

Acquired concession

Feasibility study First output:

0.2 Mtpa

2007 2008

2005

Bharinto project timeline

HIGH WALL BENCHES

A B

Cross section schematic

Approx depth

90 metres

ILLUSTRATIVE ONLY

Aerial view

schematic

SECTION LINE

A

B

BUNYUT PORT

TRUBAINDO NORTH BLOCK

15 KM.

MAHAKAM RIVER

BHARINTO

TRUBAINDO SOUTH BLOCK

Total 84 km

CR4

9

Conversion of resources to reserves at Bharinto

Resources

298 Mt

Reserves

45.5 MtCurrent expected mine life of

Bharinto based on existing

reserves is until 2024

Subject to further feasibility

assessment, mining permit and

coal price outlook, Banpu

expects some potential

conversion of resources to

reserves at Bharinto

10

Tandung Mayang schematic

2003

2004 2011

2015/16

Operation ceased

Tandung Mayang unit

worked as contractor on

adjacent IMM concession

2005 2006 2007

2008

Feasibility study

2009 2010

Closure

process

Tandung Mayang project timeline

Aerial view schematic

BONTANG

COAL

TERMINAL

BONTANG

CITY

INDOMINCO

WEST

BLOCK EAST

BLOCK

TANDUNG MAYANG

SECTION LINE

MINED OUT AREA

A B

10 km

CR1 CR2

CR3

Operation to restart in 3Q11

A B

OB

Cross section schematic

Mined out (Indominco) TM extension

ILLUSTRATIVE ONLY

HIGH WALL

BENCHES

Approx depth

160 metres

11

Indicative ROM output targets

Bharinto

Tandung Mayang

2011 2012 2013 2014 2015

6.7 6.9 8.1 8.2 8.2

16.0 7.2SR (bcm/t)

SR (bcm/t)

INDICATIVE ONLY

0.20.7

2.0

3.0

4.0

[16.0]* 16.0

0.83

2.92.5

2

0.4

In million tonnes (Mt)

* Actual strip ratio will be higher (approx 28x) but will include advanced

overburden removal which will be amortized over the life of the mine

na

12

Bharinto project photos

Coal feeder Truck dumping

Safety talk Checking automation

13

Bharinto project photos

Coal handling equipment commissioning

14

Tandung Mayang project photo

TANDUNG MAYANG INDOMINCO (mined out)

Plan view

500

1,000

1,500

m

15

2. Coal divisions

16

2. Coal divisions

(a) Indonesia coal

(b) China coal

(c) Australia coal

17

Coal output :

2Q11 : 5.8 Mt

2011e : 25 Mt

Project updates:

Indominco : Feasibility study on East

Block washing plant underway

Bontang Coal Terminal : Expansion of

stock area and installation of 6 tunnel

conveyors are almost completed

Trubaindo : Undergoing feasibility of

additional crushing plant at Bunyut Port

Indonesian coal operations in 2011

East Kalimantan

Bunyut Port

Balikpapan

Palangkaraya

Banjarmasin

Central Kalimantan

South Kalimantan

KITADIN-

EMBALUT

1.0 Mt

INDOMINCO

15 Mt

TRUBAINDO

7.3 Mt

BHARINTO

0.2 Mt

JORONG

1.0 Mt

ITM OPERATIONS & PROJECTS

(2011 saleable output)

Samarinda

Jorong Port

Operation

Project

Operation

Project

POWER

COAL

Bontang Coal Terminal

Captive coal-

fired power project

KITADINTANDUNG MAYANG

0.5 Mt

18

Note: output figures are saleable coal

Indominco-Bontang

CV: 6050 - 6500 kcal/kg

Overall stripping ratio for 2011

will be lower than last year

3Q10 4Q10 1Q11 2Q11 3Q11e

4.3Mt

STRIP RATIO (bcm/t)

COAL OUTPUT (Mt)

Trubaindo

CV: 6250 - 7200 kcal/kg

Additional contractor and

equipment helped improve

performance since April

2.1Mt

STRIP RATIO (bcm/t)

COAL OUTPUT (Mt)

Jorong

CV: 5300 kcal/kg

SR will increase in order

to recover remaining

reserves as per mine plan

STRIP RATIO (bcm/t)

COAL OUTPUT (Mt)

11.4 10.5 6.9

3Q10 4Q10 1Q11 2Q11

6.9

Kitadin - Embalut

CV: 5750 kcal/kg

Start mining in difficult

area so variation in SR is

expected

3Q10 4Q10 1Q11 2Q11 3Q11e3Q10 4Q10 1Q11 2Q11 3Q11e

3Q10 4Q10 1Q11 2Q11

3Q10 4Q10 1Q11 2Q11 3Q11e

3Q10 4Q10 1Q11 2Q11

0.4Mt

STRIP RATIO (bcm/t)

COAL OUTPUT (Mt)

10.7

W Block

E Block

1.3Mt

0.2Mt

10.8

Indonesian quarterly output and SR analysis

0.4Mt 0.3Mt

8.9

3.5Mt

11.3

16.2

10.0

0.3Mt 0.3Mt

8.7

3.4Mt

2.5

1.0

1.5Mt

11.3

16.5

8.6

0.1Mt0.3Mt

3Q10 4Q10 1Q11 2Q11

2.1

2.32.3

1.3

3.6Mt

10.1

15.8

1.5Mt

11.9

0.3Mt

1.8

1.3

1.7

1.7

3.1Mt

10.9

12.5

1.7Mt

0.4Mt

8.6

0.3

0.1

W B

lock

E B

lock

TD

MY

Em

balu

t

19

20

Banpu average selling prices in 3Q10Banpu average selling prices in 2Q11

USD/tonne

ASP 2Q11 $96.5 (+10% QoQ)

ASP vs. spot BJI trend shows a

mix of pricing (LT/MT/ST)

Despite increases in product

margins, the increase in lower

CV tonnages hampers ASP

increases

Still, the gap between BJI and

ASP narrowed in 2Q

0

20

40

60

80

100

120

140

160

180

200

Monthly BJI

Quarterly BJI

Quarterly ASP

BJI* August 4, 2011 $120.35

20

Indicative 2011 coal sales

82%

14%

4%

Coal sales contract and pricing status Comment

Sales target remains at

25 Mt, assuming dry

season continues

Almost fully sold and

more so than at same

time in recent years

Remaining unsold is

exposed to downward

market pressure, but

limited volume

Coal sales contract and pricing status

Contract Status Price Status

Contracted Fixed

100%

3%

97%

Uncontracted

Unpriced

Index

21

As of 1 Aug 2011

TARGET SALES 2011: C. 25 Mt

2009 2010 6M11

22

Coal sales by geographic destination (ITM and Thai) Indonesia coal sales by destination 6M11 (10.7 Mt)

2009 2010 6M11

2009 2010 6M11

2009 2010 6M11

2009 2010 6M112009 2010 6M112009 2010 6M11

2009 2010 6M11

2009 2010 6M11

2009 2010 6M11

JAPAN

Mid-to-High CV

Low-to-Mid CV

2009 2010 6M11

0.4Mt

1.3Mt

0.9Mt

INDIA

INDONESIA

0.7Mt

PHILIPPINES

HONG KONG

TAIWAN

0.9Mt

2.6Mt

S.KOREA

0.3Mt

0.6Mt

0.6Mt

1.8Mt

THAILAND

0.8Mt

1.8Mt

1.1Mt

1.6Mt

2011 trend expectation

2.5Mt

1.3Mt

2.1Mt

2.2Mt

1.2 Mt

2011

2011 20112011

0.7Mt*Includes small, non-regular purchasers

OTHERS*

0.9Mt1.1Mt

ITALY

1.3 Mt

1.4Mt

2011

0.5Mt

CHINA

2.6Mt

2011

2.3Mt

4.5Mt

4.2Mt

2.2Mt

1.0Mt

5.1Mt

1.0Mt

2011 2011

2011

2011

22

4. Coal divisions

(a) Indonesia coal

(b) China coal

(c) Australia coal

23

BANPU CHINA 2011 COAL PRODUCTION TARGETS*

Operation

Project

Operation

Project

POWER

COAL

BEIJING

* ROM production

Hebi (40%),

Henan

1.5 Mt

Gaohe (45%),

Shanxi

6 Mt

China coal operations

Gaohe

CV: 6500-8000 Kcal/kg

Banpu 45%

1Q11 2Q11 3Q11e

0.44Mt0.38Mt

COAL OUTPUT (Mt ROM)

PRICE vs. COST (RMB/t)PRICE vs. COST (RMB/t)

PRODUCTION

COST

AVERAGE

COAL

PRICE

533

713

1Q11 2Q11

279

698

COAL OUTPUT (Mt ROM)

24

PRODUCTION

COST

AVERAGE

COAL

PRICE

400

480

2Q10 1Q11 2Q11

498

757

406

476

Hebi Zhong Tai Mining

CV: 5300-6800 Kcal/kg

Banpu 40%

2Q10 1Q11 2Q11 3Q11e

0.39Mt0.34Mt0.42Mt0.46Mt

0.35Mt

Hebi obtained approval from

the Henan Energy Bureau in

early July for the expansion of

its annual coal production

capacity to 1.5 Mt.

Under pre-production stage.

China coal project: Gaohe

Obtained approval from Shanxi Coal

Industry Bureau in June to proceed in the

Unified Test Run, a key milestone to enter

the production stage next year.

Load commissioning and test run of a new

preparation plant to be completed in Q3

2011.

Set up of second longwall production team

and longwall equipment test run in Q3 2011.

25

4. Coal divisions

(a) Indonesia coal

(b) China coal

(c) Australia coal

26

Australia coal

Ivanhoe

North

Wollongong

Port Kembla (PKCT)

Charbon

Airly

NeubecksAngus

Place

Clarence

Springvale

Mandalong Mannering

Myuna

Newstan Lochiel(development project)

Awaba

Sydney

Newcastle

(NCIG)Port Waratah

(PWCS)

Newcastle

Inglenook

Open-cut mine

Project

Underground mine

Port

Power station

Road

Rail

Note: Centennial equity ownership 100% unless shown

in brackets

WESTERN

OPERATIONS

NORTHERN

OPERATIONSROM output (equity basis) :

2Q11 : 3.77 Mt

Key operation and project updates:

Mandalong: Longwall move

completed in mid-April as planned

Angus Place: Slower production in

preparation for longwall move in

July. Production is to resume in mid-

August

Charbon: New open-cut mining

resulted in 37% increase in YTD

output

Newstan Lochiel: Analyzing

preferred mining plans

27

2.12.3

1.61.4

Western

Operations

Airly (100%)

Angus Place (50%)

Charbon (95%)

Clarence (85%)

Springvale (50%)

Australia coal in 2Q11 (equity basis)

Northern

Operations

Awaba (100%)

Newstan (100%)

Mandalong (100%)

Mannering (100%)

Myuna (100%)

ROM Output (Mt)CENTENNIAL Revenue (AUD m) Export / Domestic (Mt)Sales (Mt)

3.73.7

Export

Domestic

1.6 1.7

1Q11 2Q11 3Q11e

1Q11 2Q11

1Q11 2Q11 1Q11 2Q11

1.92.0

2.5

2.1 2.0

1Q11 2Q11

265

246

28

1.7 1.82.0

1Q11 2Q11 3Q11e

29

Australia Indicative export sales 2011

78%

15%7%

Coal sales contract and pricing statusCoal export sales contract and pricing status

Contract Status Price Status

Contracted Fixed

100%

12%

88%

UncontractedUnpriced

Index

As of 30 June 2011

TARGET EXPORT SALES 2011: C. 7 Mt (100% basis)

1.3 Mt

Japan

0.8 Mt

Other

Total 3.55 Mt

Sales by destination 6M11

0.5 Mt

Korea

0.9 Mt

Taiwan

Update on Australia carbon tax

Low impact, as most Australian coal mines

do not release much CO2.

Without assistance package, an average

non-gassy mine is estimated to pay A$1.4/t

of carbon price while a gassy mine would

pay approx. A$7.4/t.

A$1.3 billion allocated to the Coal Sector

Job Package to provide assistance over 6

years to gassy coal mines who release at

least 0.1 tonne of CO2-equivalent per

tonne of saleable coal.

Assistance based on historical emission

data only, not be eligible for new mines or

expanded production of existing mines.

A separate assistance package of A$70 m

will be provided to coal mines that

implement carbon abatement technology

over the transitional 6-year period.

Effective 1 July 2012: Carbon price of

A$23/t and rising in real terms by 2.5% per

annum in the following 2 years.

Effective 1 July 2015: Carbon price based

on flexible price cap-and-trade scheme.

Gases subject to carbon pricing include

CO2, methane (from UG coal mines),

nitrous oxide and perfluorocarbons (from

aluminium smelting).

A significant amount of assistance

package will be provided during the

transition period.

Overview of Australia carbon tax Impact on coal sector

Source: Department of Climate Change and Energy Efficiency, the Australian Government30

3. Coal market

31

Main 2011 coal market driver update

Weather Chinese Demand World Growth

Sources: Country Forecast July 2011 from The Economist Intelligence Unit Limited 2011 32

• World growth forecast 3.1%,

Asian growth forecast 6.9%

• Uncertainty impacting

forecasts due to European and

USA debt concerns, Middle

East/N. Africa unrest ,

exchange rate trends and

inflation

• But oil, food and raw material

cost will have a gradual impact

• Indonesia wet season was normal,

but some operations more affected

than others. Dry season seems

normal to good.

• Chinese winter was normal but

now that water shortages are

eased, hydro is up and summer

so far mixed

• Australian storms/floods damage

recovering

• Downgrade import forecast

• Demand is stronger than

expectations in total but unevenly

distributed

• Grid transmission/generation

infrastructure capped effective

demand in 1H

• Production increased beyond

demand increase, but again

levels vary by region

• Imports weak in 1Q, strong in 2Q

but likely below expectations in

3Q/4Q

33

Banpu average selling prices in 3Q10Thermal coal benchmark prices

Coal price benchmarks

Indonesian prices decrease due

to Chinese purchase slow down

and Indonesian production

increases

Benchmark pricing held up by

steady growth but even more so

by currency and financial

movements affecting paper prices

European pricing further

underpinned by higher cost of

competing fuels, eg. gas and

declining carbon credit price

60

70

80

90

100

110

120

130

140

150

Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11

US

$ / t

on

ne

FOB Richards Bay 6000 kcal/kg, NAR

FOB Newcastle 6300 kcal/kg, GAR

FOB Kalimantan 5900 kcal/kg, GAR

FOB Kalimantan 5000 kcal/kg, GAR

Newcastle price stable

RB and domestic prices softening

33

14

58

93

80

36

1814 13

2008 2009 2010 2011 Outlook

Import Export

608

714787 771 770

845 830895

577

676 741 733 727788

780845

381

458 474 457 440495 495

530

0

100

200

300

400

500

600

700

800

900

1,000

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11e

34

China thermal coal market reviewChina thermal coal market review

Net

import

c. 67 Mt

End Jun’11 9 Aug’11

(RMB) (RMB)

Datong 895 885

Shanxi 845 835

Common 530 525

Source: www.sxcoal.com/cn 9 August 2011

Datong super mixed coal (6,000 kcal/kg)

Shanxi super mixed coal (5,500 kcal/kg)

Common mixed coal (4,000 kcal/kg)

RMB

China domestic coal prices China thermal coal imports and exports

Mt

Sources: China Coal Report June 2011, MS&L Estimates

Net

import

79 Mt

5 Mt less

than prior

forecast

34

4. Power division

35

Bt. million

* Based on Banpu’s 50% interest

Q-Q: 20%

Y-Y: -21%

Q-Q: 5%

Y-Y: -10%

Q-Q: 4%

Y-Y: 0%

Q-Q: 6%

Y-Y: -5%

Q-Q: 10%

Y-Y: -14%

Q-Q: 9%

Y-Y: -10%

Thailand power : BLCP in 2Q11 (100% basis)

96% 95% 96%

2,587

2Q10 1Q11 2Q11

Equity income*

2Q10 1Q11 2Q11

2Q10 1Q11 2Q11

Energy Payment (EP)

2Q10 1Q11 2Q11

Dispatch (%)

2Q10 1Q11 2Q11

Total revenue

2Q10 1Q11 2Q11

EBIT

2Q10 1Q11 2Q11

EBITDA

2,2152,334

2,2502,154

2,245

5,0884,585

4,858

1,965

1,5361,695

2,469

2,0462,226

Availability Payment (AP)

807

529

635

696549811

-61

FX

loss-4 -20

36

Thailand power: Hongsa project in Laos

1,800 MW mine-mouth lignite-fired

power plant project

COD targeted in 2015

Partnership between Banpu (40%),

Ratch (40%) and Lao government

(20%)

O&M Agreement with EGAT signed

on 23 February 2011

NTP for power plant EPC issued on 1

March 2011

Overall project progress on schedule

Mar-2011

Mining Diversion: Dump

Area at Ban Sri Mongkol

Dam: Nam Louk Outlet

Conduit.

Power plant area: Slope Paving (pre-construction work)

June 2011

37

Note: 100% basis, * Unaudited figures, ** Including transportation

Luannan Hebei Province

Power 100MW;

Steam 128tph

(Banpu 100% )

China power in 2Q11

Lower Q on Q revenue

and hence EBIDA due

to non heating season

without residential heat

sales

ZhengdingHebei Province

Power 48MW;

Steam 180tph

(100%)

Lower Q on Q revenue

and hence EBIDA due

to non heating season

without residential heat

sales

ZoupingShandong Province

Power 100MW;

Steam 430tph

(70%)

High sales from both

power and steam

helped improve

EBITDA

Sales*

(USD m)

EBITDA

(USD m)

Utilization

(hours)

Power tariff

(RMB/kwh)

Coal price**

(RMB/t)

1,345

2,069

1,655

0.38 0.38 0.386.2

12.7

7.6

1.8

3.6

1.3

621

667 657

19.119.6

22.8

3.0 2.53.3

1,911

1,6211,834

0.36

778

885 886

0.420.43

0.44638

671 667

1,247

2,033

1,5008.1

14.4

10.5

1.12.5 1.4

0.36 0.37

BIC 2Q10 1Q11 2Q11

38

5. Financial summary

39

Key events E

XT

ER

NA

LE

VE

NT

SC

OR

PO

RA

TE

E

VE

NT

S

1Q11

Euro debt crisis

and E. Coli

outbreak

2Q11

Pheu Thai

Party wins

general

elections

4 April

Annual General

Meeting

BoT raises

interest rate

0.25%

1 April

Issue $500M

equivalent of

THB bond

Radioactive water

leakage in Fukushima

US raising

debt ceiling

July

Capital market

flows back to US

4 Jan

Announce

ment of

license

expiry at

Daning

Instability in the

Middle East and

North Africa

23 Feb

Banpu FY10

results, dividend

and Reserves &

Resources

update

11 March

Divested 56%

in Daning

8 March

Acquired 12.39%

in Hunnu

23 Feb

Announcement of 2H10

Bt 8 dividend to be paid

on 29 Apr 2011

3 March

FY10

Analyst

Meeting

11 May

Banpu

1Q11

results

12 May

1Q11

Analyst

Meeting

Australia

carbon tax

August

S&P downgrades

US AAA, markets

tumble, gold

prices soar

40

10 August

Banpu

2Q11

results

11 August

2Q11

Analyst

Meeting

Coal

23,649

146

5,063

2,717

Power

1,239

654

551

444

Revenue

Equity income

EBIT

Net income

Total

24,888

800

5,614

3,161

Q-Q

3%

59%

16%

-66%

Unit: Bt. million

Y-Y

68%

-65%

-3%

-17%

Banpu in 2Q 2011

COAL SALES

8.94 Mt

Down 0.1 Mt

-2% Q-Q

41

Sales revenues

13,759 14,606 15,730

8,1457,918

1,081

1,427 1,239

2Q10 1Q11 2Q11

Bt. million

+3% Q – Q +68% Y –Y

Coal Indonesia

Power

-13% Q – Q

+15% Y - Y

+8% Q – Q

+14% Y - Y

14,840

24,17824,888

USD

791m

USD

822 m

USD

458 m

Power

Coal Australia

Coal Indonesia

42Note: USD exchange rate is the average exchange rate of the corresponding period, Revenue from other is included in Coal.

Coal Australia

-3% Q- Q

Coal gross margin 2Q11 : 41%

2Q10 1Q11 2Q11

Indominco

9,4868,890

45%

2Q10 1Q11 2Q11

Trubaindo

3,361

51%

5,356

53%

2Q10 1Q11 2Q11

Jorong

519

107

43%

747

30%

Coal sales

47%

Kitadin

683 668

52%

8,700

50%

50%

4,614

39%57%

Average Indonesia coal

business gross margin: 50%

Centennial

4Q10

6,498

32%

Gross

Margin

(%)

Bt. million

43

Bt. million

729

45%

2Q10 1Q11 2Q11 1Q11

8,145

38%

2Q11

7,918

28%

Australia gross margin: 28%

EBITDA and NPAT

1,624 1,3171,942

1,492

6,335

146

1,176

629

679

334

444

2Q10 1Q11 2Q11

3,795

9,163

3,161

Coal - Indonesia

Power

+33% Q-Q

-35% Y-Y

+47% Q-Q

+20% Y-Y

Net Profit after TaxEBITDA

Bt. million

44

Coal - Australia

-47% Q-Q

3,8973,557

4,804

1,492

28

146 2,145

1,502936

570

657

2Q10 1Q11 2Q11

6,3256,300

7,109

Coal - Indonesia

Power

+15% Q-Q

-30% Y-Y

+35% Q-Q

+23% Y-Y

Bt. million

Coal - Australia

-30% Q-Q

-66% Q – Q -17% Y –Y

+13% Q – Q +12% Y –Y

Power

Coal Australia

Coal China

Coal Indonesia

Coal - China

+417% Q-Q

-90% Y-Y

Coal - China

-98% Q-Q

-90% Y-Y

*

* Include Daning divestment

45

Debt structureNet D/E (X)

Net gearing (%)

As at end of June 2011

Fixed 11%

* Net gearing = ND / (ND+E)

Balance sheet

0.66

0.14

0.36

0.16

1.06

0.73

2006 2007 2008 2009 2010 2Q11

40%

12%

26%

14%

51%

42%

USD Float52%

USD Fixed8%

AUD Float10%

THB Float11%

THB Fixed19%

45

Five-year indicative discretionary capex plan (2011-15)

Springvale Mandalong Neubecks

Clarence

NE Angus Place

A$589M*

Newstan-Lochiel**

Note: Capex estimates are illustrative only and are subject to revision.

Capex estimates do not include maintenance capex (average A$10/tonne).

NE Angus

Place

46

* Estimated present value of 5-year capex.

** Newstan washery and associated infrastructure capex is included.

Centennial Banpu and ITMG

ITMG

Power ChinaCoal China

Hongsa

US$750M

Appendices

47

Operating profit

Units: Bt. million

Sales revenues – Power (BIC) 1,239

Cost of sales (14,735)

Gross profit* 10,152 0% 50%

GPM 41%

2Q11 QoQ% YoY%

24,888 3% 68%

Note: * Including other business

Sales revenues – Coal

Total sales revenues*

23,587 4% 73%

Gross profit - Coal 10,004 1% 51%

Gross profit – Power (BIC) 127

GPM – Power (BIC) 10%

GPM - Coal 42%

-13% 15%

-43% -18%

1,427

(14,069)

10,110

42%

1Q11

24,178

22,716

9,870

225

16%

43%

1,081

(8,054)

6,786

46%

2Q10

14,840

13,655

6,612

155

14%

48%

48

Units: Bt. million

Gross profit 10,152 0% 50%

GPM 41%

SG&A (2,769)

Royalty (2,428)

Other income 279

EBIT 5,614 16% -3%

EBITDA 7,109 13% 12%

2Q11 QoQ% YoY%

EBIT - Coal 5,063 16% 2%

EBIT - Power 551

Income from associates 800

16%. -35%

EBITDA - Coal 6,452 13% 20%

EBITDA - Power 657 15% -30%

Other expenses - Operations (421)

6,786

46%

(1,622)

(1,671)

262

5,806

6,325

2Q10

4,961

845

2,298

5,389

936

(248)

Operating profit

10,110

42%

(3,358)

(2,305)

160

4,855

6,300

1Q11

4,378

477

503

5,730

570

(254)

49

Net profit

Units: Bt. million

EBIT

Interest expenses (770)

Financial expenses (82)

Income tax (core business) (1,216)

Minorities (1,180)

Net profit before extra items 2,365

Non-recurring items* (110)

Net profit before FX 2,255 -40%

FX translations 906

Net profit 3,161 -17%

EPS (Bt/share) 11.63

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

YoY%2Q11

-40%

-72%

-66%

QoQ%

17%

5,614 16% -3%

(308)

(44)

(857)

(661)

3,935

3,776

19

3,795

13.97

2Q10

5,806

(159)

(700)

(71)

(1,247)

(810)

2,027

8,058

8,144

1,019

9,163

33.72

1Q11

4,855

50

Income tax (non- core business) (1,941) --

51

USA

Thermal supply

increase for export from

Atlantic ports. Pacific

deliveries continue

INDIA

Recovery and growth

Continue, but questions

For post monsoon

EAST ASIA

Japan coming back to normal;

Korea and Taiwan strong

recovery

SOUTH AFRICA

Continuing problems in

rail eases short term.

Longer term issues

re national policy

appearing

AUSTRALIA

Flood impacts largely

Overcome while rail and

Some mine bottlenecks

continue to be limits

COLOMBIA

Prices capped by tonnage

returning to Atlantic

RUSSIA

Rising production and

Rail availability supports

Limited export increase

CHINA

Import slowdown,

LCV/off-spec coal

Thermal coal market analysis – 4Q 2010 update

= Demand/Supply

= Demand

REST OF ASIA

Continued growth

INDONESIA

2Q saw commencement of

Normal dry season increases

ATLANTIC

Increased demand due to

Higher gas prices, nuclear

concerns and low carbon

credit price

= Supply

Thermal coal market analysis – 2Q 2011 update

51