FY 2010 results and comments

INVESTOR & ANALYST UPDATE

3rd March 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. Introduction

2. Financial summary

3. Focus: reserves update

4. Coal market

5. Coal divisions

6. Power division

Appendices

3

1. Introduction

4

Key events

Queensland

flooding

10 Nov

3Q10

Results

11 Nov

3Q10 Analyst

Meeting: CEY

focus

18 Nov

Divestment

14.9% stake

in Ratch

22 Dec

Announcement

of Special

Dividend Bt. 5

12 Oct

Closed

Offer of

CEY

China

coal cap

Indonesia

flooding

Capital

inflow to

Asia

Capital flow

back to US

EX

TE

RN

AL

EV

EN

TS

CO

RP

OR

AT

E E

VE

NT

S

October December JanuaryNovember February

Instability in the

Middle East

23 Feb

Banpu

FY10 results,

dividend and

Reserves &

Resources

update

4 Jan

Announcement

of license expiry

at Daning

5

6

Map of Banpu operations and projects

Hebi (40%)1.5 Mtpa

Gaohe (45%)(COD2013)

Daning (56%)4 Mtpa

Kitadin-Embalut (65%)1.2 Mtpa

Indominco (65%)

14.3 Mtpa

BLCP (50%)

1,434MW

Luannan (100%) 100 MW, 128 tph

Zhengding (100%) 48 MW, 180 tph

Zouping (70%)100 MW, 430 tph

Bharinto (64%) (COD 2H11)

Truebaindo (65%)

5.5 Mtpa

Jorong (65%)0.9 Mtpa

Hong Sa (40%)(COD 2015)

AUSTRALIA

Centennial (100%)14.3 Mtpa

Coal mine

Coal mine project

Coal-fired power

Coal-fired power project

INDONESIA

THAILAND

CHINA

Ivanhoe (100%)

(mine under

rehabilitation)

Charbon* (95%)

Airly (100%)

0.1 Mtpa

Neubecks (50%) Angus Place (50%)

1.7 Mtpa

Clarence* (85%)

Springvale (100%)

1.6 Mtpa

Mandalong(100%)

5.3 Mtpa

Mannering (100%)

Myuna(100%)

Newstan

Lochiel(100%)

Awaba(100%)

0.9 Mtpa

NORTHERN OPERATIONS

Inglenook (95%)

WESTERN OPERATIONS

Note: All figures are for 2010 output or capacity, figures for Centennial are equity basis

2.1Mtpa

*Charbon and Clarence 2.4Mtpa

Kitadin–Tandung Mayang (65%)(COD 2H11)

Banpu in 2010

20,115

3,1941,106

1,392

-933,818

60,420

15,014 17,794

4,865

3,561

6,934

21,507

3,1014,923*

65,285

18,575

24,728*

4Q10 FY 2010

Revenue EBIT Net

income

Revenue EBIT Net

income

COAL SALES

Up 4.3 Mt

85% Q-Q

COAL SALES

Up 4.8 Mt

23% Y-Y

ITM

Bt. million

Y-Y 23%

Q-Q 57%

Y-Y -1%

Q-Q -35%

Y-Y 200%

Q-Q -63% Y-Y 13% Y-Y -14% Y-Y 74%

Coal Power

CEY

ITM

CEY

9.34 Mt 25.9 Mt

3.57

5.77

3.57

22.3

* Includes gains from divestment of Ratch • Includes gains from divestment of 8.72% shares in ITM and Ratch

Bt. million

Coal

Power

Coal

Power

7

Note: Revenue from others is included in coal

Only Q4 figures for Centennial are consolidated in the 2010 revenues figures for coal

2. Financial summary

8

Sales revenues

46,070

53,077

60,420

4,460

4,788

4,865

2008 2009 2010

Bt. million

23%

increase in

sales volume

8%

appreciation of Thai Baht

+13% Y - Y

Coal

Power

+2% Y - Y

+14% Y - Y

50,530

57,865

65,285

+15% Y - Y

USD

1,685 m

USD

2,058 m

USD

1,515 m

Coal Power

Coal

Power

9Note: Only Q4 figures for Centennial are consolidated in the 2010 revenues figures for coal, USD exchange rate is the average exchange rate of the

corresponding period, Revenue from other is included in Coal.

Coal gross margin 43% (2009 : 51%)

2008 2009 2010

Indominco

25,817

34,268

49%

2008 2009 2010

Trubaindo

16,361

63%

14,838

57%

2008 2009 2010

Jorong

3,982

3,095

41%

1,488

41%

Coal sales

40%

2009

Kitadin

1,150

2010

2,735

45%

31,978

42%

51%

15,489

33%37%

Average Indonesia coal

business gross margin: 44%

(2009: 51%)

Centennial

4Q2010

6,498

32%

Gross

Margin

(%)

Bt. million

10

Bt. million

EBITDA and NPAT

14,720

18,955 18,004

4,052

4,830

3,962

2008 2009 2010

Coal

Power

-18% Y-Y

-5% Y-Y

-8%

Y on Y

18,772

23,785

21,966+27%

Y on Y

6,410

10,444

21,879

2,817

3,785

2,848

2008 2009 2010

9,228

14,229

+74%

Y on Y

24,728

Coal

Power

-23% Y-Y

+108% Y-Y

+54%

Y on Y

Net Profit after TaxEBITDA

Bt. million Bt. million

Coal Power 11

Coal

Power

12

Debt structureNet D/E (X)

Net gearing (%)

As at end of December 2010

Fixed 11%

* Net gearing = ND / (ND+E)

Balance sheet

0.34

0.66

0.14

0.36

0.16

1.06

2005 2006 2007 2008 2009 2010

25%

40%

12%

26%

14%

51%

THB Fixed9%

USD Float 59%

AUD Float12%

THB Float20%

Dividend payments

5.57.5 7.5 8.5

12

1616

5

5

2004 2005 2006 2007 2008 2009 2010

Dividend per share (Bt)

(Special)

(Special)

13

3. Focus: reserves update

14

Growth in Banpu’s coal reserves (equity basis)

Organic increase in reserves*

Study

and LT price1 :

Indominco (+24)

Geotech impact :

Jorong (-11)

Kintadin (-1)

Lampang (-1)

Exploration, study and

LT price 2 :

Indominco(+14)

Kitadin (+7)

Bharinto (+13)

+11

Mt

Exploration, study

and LT price2 :

Indominco (+49)

Trubaindo (+20)

2006 2007 2008

-61 Mt** +97 Mt

ITM IPO

(Dec 07)

Daning (+29)

Gaohe (+68)

Acquisition increase (and decrease) in reserves

2009 2010

+308 Mt

Exploration, study and

LT price2 :

Indominco (+30)

Trubaindo (+26)

Termination UG project :

Indominco UG (-9)

+47 Mt

Centennial

Study2 :

Trubaindo (+3)

Daning (+17)

-30 Mt

ITM 9%

sell down

15

+34 Mt +69 Mt +20 Mt

*This does not include the effect of sales depletion **Excludes divestment of Barasentosa Note1: ITM 100% Note2: ITM 74%

217248

149

146

146

End 2009 Sales depletion Termination of underground

project

Exploration &coal price

Pre-transaction basis

ITM 9% sell down

Acquisition of CEY

End 2010

16

Banpu changes in reserves 2010 vs. 2009 (equity basis)

16

Mt

China

Coal

+56

394

-19366

+308

672

Indonesia

Coal

(ITM)

308

-30

-9China

Coal

Indonesia

Coal

Australia

Coal

218

Banpu coal resources and reserves by country (equity basis)

CHINAINDONESIAAUSTRALIA

Note: All figures are as at December 31st, 2010

Reserves

308

Resources

1,813

Reserves

218

Resources

1,064

146

298

Mt

Resources

Reserves

Total reserves: 672 Mt

Total resources: 3,175 Mt

17

End 2009 Coal sales End 2010

End 2009 Coal sales Exploration & …End 2010

End 2009 End 2010End 2009 Coal sales Exploration &

coal priceEnd 2010

End 2009 Coal sales Exploration& coal price

End 2010

ITM focus: changes in reserves 2010 vs. 2009 (100% basis)

Indominco*

West Block

East Block

25 Mt

+20 Mt 35Mt

98 Mt

+20 Mt 114Mt

Trubaindo

Bharinto (project)

Kitadin

78 Mt

+36 Mt 109Mt

46 Mt 46 Mt

26 Mt 25 Mt

-10 Mt

-4 Mt

-5 Mt

- 1 MtEmbalut

TDMY 10 10

End 2009 Coal sales End 2010

Jorong

8 Mt-1 Mt 7 Mt

Note: All figures are as at December 31st, 2010, Resources are Measured & Indicated, Reserves are Proved & Probable

*This excludes the termination of Indominco underground project 18

4. Coal market

19

Main 2011 coal market driver

Weather

• Impact on Indonesia is

most significant:

• Indonesia domestic demand

will be more than S. Africa,

Russia or Colombian exports

• Indonesia export expected

to be over 4x S. Africa, 4x

Russia, 4x Colombia and 2x

Australia

• China hot summer? Early

2011/12 winter?

• Good weather estimates?

Chinese Demand

• GDP growth forecast 8.5%

but on coast 10%?

• Coal demand up to 10-12%

and on coast c. 12-14%

• Will international price vs.

domestic demand

determine volume?

• Exchange rates may swing

to support higher imports

World Growth

• Latest world growth

forecast 3.1%

• Asian growth forecast

5.1%

• If unemployment concern

defers interest rate rises,

there is potential for

demand lift in 2H 2011

• But oil, food and raw

material cost will have a

gradual impact

Sources: Country Forecast February and March 2011 from The Economist Intelligence Unit Limited 2011 20

21

Banpu average selling prices in 3Q10Thermal coal benchmark prices

Coal price benchmarksUpswing due largely to :

– Supply shortfall due rain in Colombia,

Australia and particularly Indonesia

– Northern seasonal winter demand in

Europe but not in Asia

– Some improved general sentiment

Indonesian indices drag behind Australian

and S. African due to:

– Being forward estimates without

recourse rather than actual deals –

and they include traders

– Less tight supply/demand balance

(usually)

Forecasts: depend on weather and China60

70

80

90

100

110

120

130

140

150

Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11

US

$ / T

on

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, RB, Indonesian

Coal prices flatten

22

USA

Thermal supply

remains very low, some

LCV to Korea / China

INDIA

Under recovery,

Buyers hoping

prices ease

EAST ASIA

Japan minor recovery, but

steel mills strong still; Korea

andTaiwan strong recovery

SOUTH AFRICA

Continuing problems in

rail eases short term.

Diverted shipments

to N.Asia from China

distort expectation

AUSTRALIA

Floods hamper

Queensland output, loss

approx. 4 - 5 Mt thermal

COLOMBIA

Rains lower production.

Export to Asia stop

RUSSIA

Minor recovery due

weakened Ruble but rising

domestic demand and rail

limits

CHINA

Q1 Import rate eased due to

slow return of industry, warm

winter in the south and import

price relatively high

Thermal coal market analysis – 4Q 2010 update

= Demand/Supply

= Demand

REST OF ASIA

Continued growth

INDONESIA

Rain in 1Q , but

not excessive

ATLANTIC

Increased demand due to

cold winter. Gas competes

= Supply

Thermal coal market analysis – 1Q 2011 update

14

58

93

85-120

36

18 14 7 - 14

2008 2009 2010 2011 Outlook

Import Export

23

China thermal coal market reviewChina thermal coal market review

648

734

1025

762

605 602608

714787 771 770

845

598

698

952

678

571 567577

676741 733

727

788

425

453

635

427361 358 381

458474 457 440495

0

200

400

600

800

1,000

1,200

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q101Q11e

Net

import

c. 92 Mt

End Dec’10 21 Feb’11

(RMB) (RMB)

Datong 840 837

Shanxi 785 775

Common 493 493

Source: www.sxcoal.com/cn 21 February 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 February 2011, MS&L Estimates

Net

import

79 Mt

5. Coal divisions

24

5. Coal divisions

(a) Indonesia coal

(b) Australia coal

(c) China coal

25

Coal output :

4Q10 : 5.8 Mt

2010 : 22 Mt

Project updates:

Trubaindo: hauling road construction to

connect Bharinto area continued

Bharinto: installing crusher plant, to be

finished 1Q11

Tandung Mayang: first output by 2H11

with target of 0.8 Mt for 2011

H11

Indonesian coal operations in 2010

East Kalimantan

Bunyut Port

Balikpapan

Palangkaraya

Banjarmasin

Central Kalimantan

South Kalimantan

KITADIN-

EMBALUT

1.2 Mt

INDOMINCO

14.3 Mt

TRUBAINDO

5.5 Mt

BHARINTO

(Commissioning in

2H2011)

JORONG

0.9 Mt

ITM OPERATIONS & PROJECTS

(2010 saleable output)

Samarinda

Jorong Port

Operation

Project

Operation

Project

POWER

COAL

Bontang Coal Terminal

Captive coal-

fired power project

KITADIN-TANDUNG MAYANG

(Commissioning in 2H2011)

26

Note: output figures are saleable coal

Indominco-Bontang

CV: 6050 - 6500 kcal/kg

Higher SR due to mining in

alternate area

1Q10 2Q10 3Q10 4Q10 1Q11e

3.5Mt

STRIP RATIO (bcm/t)

COAL OUTPUT (Mt)

Trubaindo

CV: 6250 - 7200 kcal/kg

Additional contractor was

added to support 2011

production

1.4Mt

STRIP RATIO (bcm/t)

COAL OUTPUT (Mt)

Jorong

CV: 5300 kcal/kg

Expect flat production

due to limited reserves

STRIP RATIO (bcm/t)

COAL OUTPUT (Mt)

11.0 11.4 6.9

1Q10 2Q10 3Q10 4Q10

6.9

Kitadin - Embalut

CV: 5750 kcal/kg

Start mining in difficult

area so variation in SR is

expected

1Q10 2Q10 3Q10 4Q10 1Q11e1Q10 2Q10 3Q10 4Q10 1Q11e

1Q10 2Q10 3Q10 4Q10

1Q10 2Q10 3Q10 4Q10 1Q11e

1Q10 2Q10 3Q10 4Q10

0.3Mt

STRIP RATIO (bcm/t)

COAL OUTPUT (Mt)

10.4

W Block

E Block

East blockWest block

3.6Mt

2.7

0.9

1.1Mt

0.3Mt

10.6

11.3

16.2

Indonesian quarterly output and SR analysis

1.6Mt

0.4Mt 0.4Mt

10.7

3.6Mt

2.5

1.1

11.3

16.4

11.4

0.3Mt0.3Mt

10.8

0.0Mt

3.6Mt

2.5

1.0

1.3Mt

11.3

16.2

6.9

0.1Mt 0.2Mt

1Q10 2Q10 3Q10 4Q10

1.4

2.12.3

1.3

3.5Mt

11.3

16.5

1.5Mt

10.5

0.4Mt

27

28

Banpu average selling prices in 3Q10Banpu average selling prices in 4Q10

30507090

110130150170190

Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10

Monthly BJI Monthly ASP

USD/tonne

Quarterly

BJI

Quarterly

ASP

BJI* Feb 24, 2011

$127.05ASP 4Q10 $77.25t (-1% QoQ)

ASP 2010 $74.65t (+4% YoY)

Product mixes with some

lower CV impacted 2010

prices

ASP 4Q10 vs. 3Q10 down

1% due to product mix

Historical lags continue

Indicative 2011 coal sales

40%

37%

23%

Coal sales contract and pricing status Comment

Historically low fixed price

as of February at 40%

Historically high

committed share at 89%

as of February

Remaining unsold mostly

lower grade product

Coal sales contract and pricing status

TARGET SALES 2011: c.25.0 Mt

Contract Status Price Status

Contracted Fixed

100%

11%

89%

Uncontracted Unpriced

Index

As of 22Feb’11

29

30

Coal sales by geographic destination (ITM and Thai) Indonesia coal sales by destination 2010 (22.3 Mt)

2008 2009 2010

2008 2009 2010

2008 2009 2010

2008 2009 2010

2008 2009 20102008 2009 20102008 2009 2010

2008 2009 2010

2008 2009 2010

2008 2009 2010

JAPAN

Mid-to-High CV

Low-to-Mid CV

2008 2009 2010

1.2Mt

0Mt

2.2Mt

INDIA

INDONESIA

0.7Mt

PHILIPPINES

HONG KONG

TAIWAN

2.5Mt

1.9Mt

S.KOREA

1.8Mt

2.3Mt

1.1Mt

1.6Mt

THAILAND

1.6Mt

0.6Mt

1.8Mt

2.1Mt

2011 trend expectation

2.6Mt

1.3Mt

2.7Mt

0.2Mt

1.3 Mt

2011

2011 20112011

1.2Mt

*Includes small, non-regular purchasers

OTHERS*

1.4Mt

0.9Mt

ITALY

1.3 Mt 1.4Mt

2011

1.1Mt

CHINA

1.7Mt

2011

4.5Mt

4.2Mt

4.0Mt

5.1Mt1.8Mt

2.6Mt

0.9Mt

2011 2011 2011

2011

5. Coal divisions

(a) Indonesia coal

(b) Australia coal

(c) China coal

31

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

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) :

4Q10 : 3.96 Mt

Operation and project updates:

Mandalong: achieved highest

quarterly output in 4Q10 (1.6Mt)

following longwall changeover in

previous quarter

Springvale: commenced longwall

changeover in late 4Q10 with

extraction resuming in Feb 2011

Newstan Lochiel: pre-feasibility

study completed, progressing into

feasibility phase

H11

32

2.4

9.1

1.2

4.7

Western

Operations

Airly (100%)

Angus Place (50%)

Charbon (95%)

Clarence (85%)

Springvale (50%)

Australia coal in 4Q10 (equity basis)

Northern

Operations

Awaba (100%)

Newstan (100%)

Mandalong (100%)

Mannering (100%)

Myuna (100%)

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

4Q10 2010

Sales (Mt)

13.8

3.6

Export

Domestic

1.6

6.0

1.5

5.9

4Q10 2010

4Q10 2010

4Q10 2010 4Q10 2010

2.4

8.3

2.1

7.9

4Q10 2010

219

849

33

5. Coal divisions

(a) Indonesia coal

(b) Australia coal

(c) China coal

34

BANPU CHINA 2010 COAL PRODUCTION TARGETS*

Operation

Project

Operation

Project

POWER

COAL

BEIJING

* ROM production

Hebi (40%),

Henan

1.5 Mt

Daning (56%),

Shanxi

4 Mt

Gaohe (45%),

Shanxi

6 Mt

China coal operations

Daning

CV: 6800-7300 Kcal/kg

Banpu 56%

Ordered mine closure on Dec 31

due to license expiry. An extension

of the license with local authority is

under process .

4Q09 3Q10 4Q10 1Q11e

0.88Mt

0.53Mt

N.A.

0.61Mt

Hebi Zhong Tai Mining

CV: 5300-6800 Kcal/kg

Banpu 40%

High ASP due to higher sales

and prices of fine coal (PCI coal)

to the steel industry.

COAL OUTPUT (Mt ROM)

PRODUCTION

COST

AVERAGE

COAL

PRICE

PRICE vs. COST (RMB/ t)

4Q09 3Q10 4Q10 1Q11e

0.38Mt0.32Mt

512

764

4Q09 3Q10 4Q10

505

622

487

718

0.37Mt0.36Mt

PRICE vs. COST (RMB/ t)

PRODUCTION

COST

AVERAGE

COAL

PRICE

466

692

4Q09 3Q10 4Q10

286

499

712

382

COAL OUTPUT (Mt ROM)

35

China coal project: Gaohe

6.0 Mtpa underground coal mine located in

Shanxi Province, PRC utilizing Longwall

mining technique

Joint venture between Banpu (AACI) (45%)

and Lu’an Mining Group (55%)

Joint venture established in 2005

Obtained mining license in 2010

All key equipment and facilities (mine

monitoring, production, hoisting, coal

preparation) are international standard

Trial production in 2011

Full production in 2013

36

6. Power division

37

Bt. million

* Based on Banpu’s 50% interest

Q-Q: -91%

Y-Y: -11%

Q-Q: -47%

Y-Y: -16%

Q-Q: -44%

Y-Y: - 3%

Q-Q: -43%

Y-Y: -9%

Q-Q: -82%

Y-Y: -20%

Q-Q: -66%

Y-Y: -16%

Power Thailand : BLCP in 2010 (100% basis)

96% 96% 95%

2,456

3Q10 4Q10 2009

Equity income*

3Q10 4Q10 2009

3Q10 4Q10 2009

Energy Payment (EP)

3Q10 4Q10 2009

Dispatch (%)

3Q10 4Q10 2009

Total revenue

3Q10 4Q10 2009

EBIT

3Q10 4Q10 2009

EBITDA

1,305

10,535

2,3071,281

8,393

5,026

2,843

19,697

1,960

344

7,834

2,468843

9,807

Availability Payment (AP)

1,128

103

3,412

96%

2010

2010

2010

8,829

8,151

2010

3,035

2010

2010

2010

17,979

6,271

8,278

2,502

531

3,116

296

311

51

52817

FX

gain

FX

gain

38

Note: * Unaudited figures, ** Including transportation

LuannanHebei Province

Power 100MW;

Steam 128tph

(Banpu 100% )

Power China in 2010 (100% basis)

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)

1,524

2,224

0.38 0.386.5

11.7

1.33.4

675676

18.323.9

3.23.5

1,762

2,159

776

849

0.410.42

645

696

908

1,512

5.8

11.1

0.62.2

0.36 0.36

BPIC

36.3

77.5

41.5

11.110.5

3.2 3.5

14.2

8.6

6,370

7,165

7,2547,389

6,000

5,823

0.37 0.38

0.450.42

0.36 0.36

535651

648

798

550643

3Q10 4Q10 2009 2010

31.9

66.4

40.3

39

Power Thailand : Hongsa project

1,800 MW mine-mouth lignite-

fired power plant project

COD targeted at 2015

Partnership between Banpu

(40%), Ratch (40%) and Lao

government (20%)

EPC agreed

PPA execution in April 2010

Loan first drawdown completed

in October 2010

HONGSA POWER PLANT

ARTIST’S IMPRESSION

40

Appendices

41

Reserves and resources: definitions

ILLUSTRATIVE ONLY

Higher coal price increases the average strip ratio and

allows more coal to be extracted

1 Economic assumptions

2 Technical feasibility

New study could prove that additional coal can be mined

and increases reserves base

-150

-100

-50

0

Pit

depth

(m)

-200

Original

depth

cut-off at

150m

New depth

cut-off at

200m

Additional

reserves

Additional

reserves

12

2

Original

reserves

Original mine plan

Mineplan with higher

stripping ratioMineplan with feasibility

study at 200m depth

MEASURED

COAL RESOURCES

INFERRED

COAL RESERVES

INDICATED

Reasonable

MODIFYING FACTORS

(e.g. regulatory, environmental, social, etc.)

SU

FF

ICIE

NC

Y O

F G

EO

LO

GIC

AL D

AT

A F

OR

MIN

E P

LA

NN

ING

Extensive

PROBABLE PROVED

CONFIDENCE High

Coal in the ground for

which there are reasonable

prospects for eventual

economic extraction

Economically mineable

part of a measured and

indicated coal resources

Insufficient

Adequate

Resources and reserves concepts Conversion of resources to reserves

42

Operating profit

Units: Bt. million

Sales revenues – Power (BIC) 4,865

Cost of sales (38,640)

Gross profit* 26,645 -4%

GPM 41%

2010 YoY %

65,285 13%

Note: * Including other business

Sales revenues – Coal

Total sales revenues*

59,901 14%

Gross profit - Coal 25,788 -3%

Gross profit – Power (BIC) 796

GPM – Power (BIC) 16%

GPM - Coal 43%

2%

-33%

4,788

(29,992)

27,874

48%

2009

57,865

52,704

26,629

1,182

25%

51%

43

Operating profit

Units: Bt. million

Gross profit 26,645 -4%GPM 41%

SG&A (7,441)

Royalty (6,925)

Dividend income – Coal & Power 489Other income 1,017

EBIT 18,575 -14%

EBITDA 21,966 -8%

2010 YoY %

EBIT - Coal 15,014 -13%

EBIT - Power 3,561

Income from associates 6,117

-19%

EBITDA - Coal 18,004 -5%EBITDA - Power 3,962 -18%

Other expenses - Operations (1,327)

27,874

48%

(5,390)

(6,467)

478

351

21,667

23,785

2009

17,253

4,414

7,447

18,955

4,830

(2,626)

44

Operating profit

Units: Bt. million

EBIT

Interest expenses (1,682)

Financial expenses (299)

Income tax (core business) (3,301)

Minorities (1,987)

Net profit before extra items 11,306

Non-recurring items* 13,235

Net profit before FX 24,541 66%

FX translations 187

Net profit 24,728 74%

EPS (Bt/share) 91.00Note: * Income from non-core assets and other non-operating expenses

YoY %2010

-6%

18,575 -14%

(1,282)

(181)

(4,611)

(3,574)

12,020

2,730

14,751

(521)

14,229

52.36

2009

21,667

45

Operating profit

Units: Bt. million

Sales revenues – Power (BIC) 1,391

Cost of sales (14,277)

Gross profit* 7,230 18% -2%

GPM 34%

4Q10 QoQ% YoY%

21,507 57% 23%

Note: * Including other business

Sales revenues – Coal

Total sales revenues*

20,026 59% 27%

Gross profit - Coal 7,066 18% 1%

Gross profit – Power (BIC) 203

GPM – Power (BIC) 15%

GPM - Coal 35%

44% -6%

102% -45%

970

(7,550)

6,137

45%

3Q10

13,688

12,607

5,985

100

10%

47%

1,477

(10,051)

7,376

42%

4Q09

17,428

15,713

6,979

367

25%

44%

46

Units: Bt. million

Gross profit 7,230 18% -2%

GPM 34%

SG&A (2,770)

Royalty (2,066)

Dividend income – Coal & Power -

Other income 374

EBIT 3,101 -35% -1%

EBITDA 4,914 -7% 32%

4Q10 QoQ% YoY%

EBIT - Coal 3,194 -6% 18%

EBIT - Power (93)

Income from associates 522

na. na.

EBITDA - Coal 4,888 27% 51%

EBITDA - Power 26 -98% -95%

Other expenses - Operations (190)

7,376

42%

(1,820)

(1,881)

239

72

3,121

3,715

4Q09

2,697

424

1,676

3,240

475

(498)

Operating profit

6,137

45%

(1,534)

(1,542)

239

309

4,754

5,292

3Q10

3,407

1,347

1,254

3,854

1,438

(110)

47

Net profit

Units: Bt. million

EBIT

Interest expenses (719)

Financial expenses (126)

Income tax (core business) (754)

Minorities (467)

Net profit before extra items 1,034

Non-recurring items* 3,586

Net profit before FX 4,620 167%

FX translations 303

Net profit 4,923 200%

EPS (Bt/share) 18.12

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

YoY%4Q10

11%

-65%

-63%

QoQ%

-67%

3,101 -35% -1%

(289)

(55)

(927)

(914)

935

1,731

(90)

1,641

6.04

4Q09

3,121

796

(383)

(77)

(827)

(332)

3,136

9,926

13,062

231

13,293

48.92

3Q10

4,754

48

Banpu’s resources & reserves statement (100% basis)

Mine operation and project

Interest(%)

End December 2010 Jan - Dec 2010 End December 2009

Measured Resources

Indicated Resources

Total Resources

Proved Reserves

Probable Reserves

Total Reserves Coal Sales Total

ResourcesTotal

Reserves

INDONESIA

Jorong 64.79 133.0 12.4 145.4 7.2 - 7.2 1.0 146.6 8.2

Indominco 64.99 592.6 104.7 697.2 135.6 14.0 149.6 14.5 743.1 135.5

Kitadin 64.99 113.1 51.5 164.6 6.9 18.0 24.9 1.3 166.1 26.1

Trubaindo 64.99 193.6 141.1 334.7 67.1 41.4 108.5 5.4 296.5 78.3

Bharinto 64.35 183.5 114.5 298.0 41.3 4.1 45.4 - 298.0 46.3

CHINA

Daning 56.00 144.4 45.7 190.1 41.9 47.3 89.2 3.5 194.1 92.7

Hebi* 40.00 60.1 - 60.1 27.4 - 27.4 1.5 61.8 28.8

Gaohe 45.00 254.8 116.9 371.7 70.7 119.1 189.8 0.8 372.6 190.6

AUSTRALIA

Airly 100.00 0.0 97.7 97.7 0.0 32.2 34.2 0.1 n.a n.a

Angus Place 50.00 77.6 176.9 245.5 23.0 2.2 25.2 3.3 n.a n.a

Awaba 100.00 3.6 0.0 3.6 1.0 0.0 1.0 0.9 n.a n.a

Charbon 95.00 9.9 7.2 17.1 2.5 4.6 7.0 0.7 n.a n.a

Clarence 85.00 35.2 191.9 227.1 7.0 39.8 46.7 1.7 n.a n.a

Ivanhoe 100.00 2.8 4.2 7.0 1.5 0.2 1.7 0.2 n.a n.a

Mandalong 100.00 89.9 185.2 275.1 31.5 56.5 88.0 5.0 n.a n.a

Mannering 100.00 8.1 292.4 300.5 1.5 7.6 9.1 0.7 n.a n.a

Myuna 100.00 2.7 340.8 343.5 0.0 17.2 17.2 1.4 n.a n.a

Springvale 50.00 105.7 60.5 166.2 33.6 29.3 62.9 2.7 n.a n.a

Inglenook 95.00 0.0 54.4 54.4 0.0 0.0 0.0 - n.a n.a

Neubacks 50.00 31.0 1.9 32.9 16.4 1.7 18.1 - n.a n.a

Newstan 100.00 26.7 74.0 100.7 2.4 8.9 11.3 - n.a n.a

NewstanLochiel

100.00 59.3 137.6 196.9 0.0 45.7 45.7 - n.a n.a

Total 2,127.6 2,211.5 4,330.0 518.4 491.7 1010.1 44.7 2,278.8 606.5

Note: All reserves and resources in Mt. Figures have been estimated in accordance to JORC Code unless otherwise stated

* Figures have been estimated in accordance to Chinese reporting standard

49

Wollongong

Port Kembla (PKCT)

15 Mtpa (16.66%)

0 5025

Kilometers

Sydney

Newcastle(NCIG)

30 Mtpa(8.79%)

NORTHERN

OPERATIONS

Newcastle

WESTERN

OPERATIONS

Disclaimer: This document contains information relating to Centennial Coal Company Limited, which has been derived from publicly available sources

and has not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of such information.

Key Centennial assets

Open-cut mine

Project

Underground mine

Port

Power station

Road

Rail

Note: Centennial equity ownership 100% unless shown

in brackets

50

*Charbon and Clarence 2.4Mtpa

Ivanhoe (100%)

(mine under

rehabilitation)

Charbon* (95%)

Airly (100%)

0.1 Mtpa

Neubecks (50%)Angus Place (50%)

1.7 Mtpa

Clarence* (85%)

Springvale (100%)

1.6 Mtpa

Inglenook (95%)

(exploration area)

Mannering* (100%)

Myuna* (100%)

Mandalong(100%)

5.3 Mtpa

Awaba (100%)

0.9 Mtpa

Newstan

Lochiel(100%)

* Total of 2.1Mtpa

Coal specificationsAsian

benchmark

Centennial(avg. of all coal output)

Gross

Calorific

Value(air dried basis)

Total

Sulphur(air dried basis)

Ash (air dried basis)

Total

Moisture (as received)

0.65% 0.70%

4000

6700

0%

2%

0%

20% 16%

7%

0%

30%

12%

6700 6700

9%