INVESTOR & ANALYST UPDATE 3rd March 2011

FY 2010 results and comments

Disclaimer
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.

1.
2. 3.

Introduction
Financial summary Focus: reserves update

4.
5. 6.

Coal market
Coal divisions Power division

Appendices

1.

Introduction

Key events
EXTERNAL EVENTS

Indonesia Capital China flooding inflow to coal cap Asia

Queensland flooding

Capital flow back to US

Instability in the Middle East

October

November

December

January

February

CORPORATE

EVENTS

12 Oct Closed Offer of CEY

10 Nov 3Q10 Results

18 Nov Divestment 14.9% stake in Ratch

22 Dec Announcement of Special Dividend Bt. 5

4 Jan Announcement of license expiry at Daning

23 Feb Banpu FY10 results, dividend and Reserves & Resources update

11 Nov 3Q10 Analyst Meeting: CEY focus

Map of Banpu operations and projects

Luannan (100%) CHINA Gaohe (45%)

(COD2013)

100 MW, 128 tph

WESTERN OPERATIONS

NORTHERN OPERATIONS Newstan Lochiel

(100%)

Zhengding (100%)
48 MW, 180 tph Zouping (70%) 100 MW, 430 tph Hebi (40%) 1.5 Mtpa

Daning (56%)
4 Mtpa

Inglenook (95%)

Charbon* (95%)

Awaba
(100%) 0.9 Mtpa

Airly (100%)
Hong Sa (40%)
(COD 2015)
0.1 Mtpa

Myuna
(100%) 2.1Mtpa

Neubecks (50%) Ivanhoe (100%)

(mine under rehabilitation)

Angus Place (50%)

1.7 Mtpa

THAILAND BLCP (50%) 1,434MW KitadinTandung Mayang (65%)

(COD 2H11)

Mandalong
(100%) 5.3 Mtpa

Mannering
(100%)

Springvale (100%)
1.6 Mtpa

Truebaindo (65%)
5.5 Mtpa Bharinto (64%)
(COD 2H11)

Indominco (65%)
14.3 Mtpa

Clarence* (85%)
*Charbon and Clarence 2.4Mtpa

Kitadin-Embalut (65%)
1.2 Mtpa 0.9 Mtpa

Jorong (65%) INDONESIA

AUSTRALIA
Coal mine Coal mine project Coal-fired power Coal-fired power project

Centennial (100%)
14.3 Mtpa

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

Banpu in 2010
4Q10
Bt. million Bt. million

FY 2010
COAL SALES COAL SALES

21,507
Power

9.34 Mt
CEY

65,285
4,865

25.9 Mt
CEY

1,392
3.57 5.77

Up 4.3 Mt
85% Q-Q

3.57

Up 4.8 Mt
23% Y-Y

ITM

22.3

ITM

Coal

20,115

60,420

24,728* 18,575
6,934 3,561
Power

4,923* 3,101
-93 3,194 3,818 15,014 1,106 Net income Y-Y 200% Revenue EBIT

17,794

Coal

Revenue

EBIT

Net income

Y-Y

23%

Y-Y

-1%

Q-Q 57%

Q-Q -35%

Q-Q

-63%

Y-Y 13%

Y-Y -14%

Y-Y 74%

* Includes gains from divestment of Ratch

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

Note: Revenue from others is included in coal Only Q4 figures for Centennial are consolidated in the 2010 revenues figures for coal

Coal

Power

2.

Financial summary

Sales revenues
Bt. million
USD 1,685 m USD 1,515 m USD 2,058 m

57,865
+15% Y-Y 4,788

+13% Y-Y

65,285
4,865 Power +2% Y - Y

50,530
Power 4,460

23% increase in sales volume

60,420 Coal +14% Y - Y

53,077

46,070
Coal

8% appreciation of Thai Baht

2008
Coal Power

2009

2010

Note: 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%)

Bt. million Bt. million

34,268
31,978 25,817

Coal sales

Average Indonesia coal business gross margin: 44% (2009: 51%)

16,361

15,489

14,838

6,498 Gross Margin (%)

49% 40% 63% 57% 51% 3,095 42% 3,982

1,488
1,150 41% 41% 33%

2,735
32%

45% 37% 2009 2010 4Q2010

2008

2009

2010

2008

2009

2010

2008

2009

2010

Indominco

Trubaindo

Jorong

Kitadin

Centennial
10

EBITDA and NPAT

EBITDA
Bt. million Bt. million

Net Profit after Tax

24,728

23,785
-8% +27% Y on Y

21,966

Y on Y

2,848 Power
-23% Y-Y

18,772
4,830 3,962 Power
-18% Y-Y +74% Y on Y

Power 4,052
+54% Y on Y

14,229

9,228
18,955
Coal 14,720

3,785 21,879 Coal

+108% Y-Y

18,004 Coal
-5% Y-Y

2,817

10,444
6,410

2008

2009

2010

2008

2009

2010

Coal

Power

11

Balance sheet

Net D/E (X)

Net gearing (%)
1.06

Debt structure

AUD Float 12% USD Float 59%

0.66 0.36
40%
25% 12%

51%

Fixed 11%

THB Float 20%

0.34 0.14

0.16
26% 14%

THB Fixed 9% 2010

2005

2006

2007

2008

2009

* Net gearing = ND / (ND+E)

As at end of December 2010

12

Dividend payments

Dividend per share (Bt)

5
(Special)

5
(Special)

16 12 16

5.5

7.5

7.5

8.5

2004

2005

2006

2007

2008

2009

2010

13

3.

Focus: reserves update

14

Growth in Banpus coal reserves (equity basis)

Organic increase in reserves*
Study and LT price1 : Indominco (+24) Geotech impact : Jorong (-11) Kintadin (-1) Lampang (-1) Indominco(+14) Kitadin (+7) Bharinto (+13) Exploration, study and LT price 2 : Exploration, study and LT price2 : Indominco (+49) Trubaindo (+20) Study2 : Trubaindo (+3) Daning (+17) Exploration, study and LT price2 : Indominco (+30) Trubaindo (+26) Termination UG project : Indominco UG (-9)

+11 Mt

+34 Mt

+69 Mt

+20 Mt

+47 Mt

2006

2007

2008

2009

2010

-61 Mt**

+97 Mt
Daning (+29) Gaohe (+68)

+308 Mt -30 Mt

ITM IPO (Dec 07)

Centennial

ITM 9% sell down

Acquisition increase (and decrease) in reserves

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

15

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

Mt

672

+308

308

Australia Coal

366
-19 -9
China Coal

394
+56 146 146
China Coal

-30

149

Indonesia Coal (ITM)

217

248
218
Indonesia Coal

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 coal resources and reserves by country (equity basis)

Mt

AUSTRALIA

INDONESIA

CHINA

Reserves Reserves 308 Reserves 218 146 298 Resources 1,064 Resources

Resources 1,813

Total reserves: 672 Mt

Total resources: 3,175 Mt
Note: All figures are as at December 31st, 2010

17

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

Indominco* West Block
+20 Mt 25 Mt 35Mt +36 Mt -10 Mt 78 Mt
End 2009 Coal sales Exploration & coal price End 2010

Trubaindo

Kitadin

109Mt
Embalut TDMY

26 Mt - 1 Mt
10

25 Mt

10

-5 Mt

End 2009

Coal sales

End 2010

East Block
98 Mt -4 Mt

+20 Mt

114Mt

Bharinto (project)

End 2009

Coal sales Exploration &End 2010

46 Mt

46 Mt

Jorong

8 Mt

-1 Mt
Coal sales

7 Mt
End 2010

End 2009

Coal sales Exploration & End 2010 coal price

End 2009

End 2009

End 2010

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 Chinese Demand World Growth

Impact on Indonesia is
most significant:

GDP growth forecast 8.5%

but on coast 10%?

Latest world growth

forecast 3.1%

Indonesia domestic demand

will be more than S. Africa, Russia or Colombian exports

Coal demand up to 10-12%

and on coast c. 12-14%

Asian growth forecast

5.1%

Indonesia export expected

to be over 4x S. Africa, 4x Russia, 4x Colombia and 2x Australia

Will international price vs.

domestic demand determine volume?

If unemployment concern
defers interest rate rises, there is potential for demand lift in 2H 2011

China hot summer? Early

2011/12 winter?

Exchange rates may swing

to support higher imports

But oil, food and raw

material cost will have a gradual impact

Good weather estimates?

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

20

Banpu average selling Thermal coal benchmark prices prices in 3Q10

Coal price benchmarks
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

Upswing due largely to :

Supply shortfall due rain in Colombia,

Australia and particularly Indonesia

Northern seasonal winter demand in

150 140 130 120 US$ / Ton 110 100 90 80 70 60 Sep-10 Oct-10 Nov-10 Dec-10

Newcastle, RB, Indonesian Coal prices flatten

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 China

Jan-11 Feb-11 Mar-11

21

Thermal coal market analysis 2011 update Thermal coal market analysis 1Q 4Q 2010 update
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

ATLANTIC Increased demand due to cold winter. Gas competes

EAST ASIA Japan minor recovery, but steel mills strong still; Korea andTaiwan strong recovery

USA Thermal supply remains very low, some LCV to Korea / China COLOMBIA Rains lower production. Export to Asia stop

REST OF ASIA Continued growth

INDONESIA Rain in 1Q , but not excessive AUSTRALIA Floods hamper Queensland output, loss approx. 4 - 5 Mt thermal

SOUTH AFRICA Continuing problems in rail eases short term. Diverted shipments to N.Asia from China distort expectation

INDIA Under recovery, Buyers hoping prices ease

= Demand = Demand/Supply = Supply

22

China thermal coal market review China thermal coal market review
China domestic coal prices
End Dec10 21 Feb11 (RMB) 837 775 493

China thermal coal imports and exports

Mt

Datong super mixed coal (6,000 kcal/kg) Shanxi super mixed coal (5,500 kcal/kg) Common mixed coal (4,000 kcal/kg)
Datong Shanxi Common

(RMB) 840 785 493

85-120
93
Net import c. 92 Mt
Net import 79 Mt

RMB
1,200
1025 1,000 800 600 734 648 698 635

58
762 714

952 787 771 770

733 727 741 678 605 602 608 676 571 567577 427 458474 361 358 381

845

788

36
495

598 453 425

457 440

400 200 0

14

18

14

7 - 14

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

2008

2009 Import

2010 Export

2011 Outlook

Source: www.sxcoal.com/cn 21 February 2011

Sources: China Coal Report February 2011, MS&L Estimates 23

5. Coal divisions

24

5. Coal divisions

(a)

Indonesia coal

(b) Australia coal

(c) China coal

25

Indonesian coal operations in 2010

ITM OPERATIONS & PROJECTS (2010 saleable output) KITADIN-TANDUNG MAYANG

Coal output :
4Q10 : 5.8 Mt 2010 : 22 Mt

East Kalimantan (Commissioning in 2H2011)

INDOMINCO

14.3 Mt
Bunyut Port

Bontang Coal Terminal

TRUBAINDO

Captive coalfired power project

Project updates:
Trubaindo: hauling road construction to

5.5 Mt
Central Kalimantan

Samarinda Balikpapan

BHARINTO
(Commissioning in 2H2011)

KITADINEMBALUT

1.2 Mt

connect Bharinto area continued

Bharinto: installing crusher plant, to be

Palangkaraya

South Kalimantan

finished 1Q11
Tandung Mayang: first output by 2H11

Banjarmasin

JORONG
POWER Operation Project

0.9 Mt
Jorong Port

with target of 0.8 Mt for 2011 H11

COAL

Operation Project

26

Indonesian quarterly output and SR analysis

STRIP RATIO (bcm/t) STRIP RATIO (bcm/t) STRIP RATIO (bcm/t) STRIP RATIO (bcm/t)
16.2 16.4 16.2 16.5

W Block E Block
11.0 11.4 11.4 10.5 6.9 6.9 6.9 10.4 10.6 10.7 10.8

11.3

11.3

11.3 11.3

1Q10 2Q10 3Q10 4Q10 COAL OUTPUT (Mt) 3.6Mt 3.6Mt 3.5Mt 3.6Mt 3.5Mt

1Q10 2Q10 3Q10 4Q10 COAL OUTPUT (Mt)

1Q10 2Q10 3Q10 4Q10 COAL OUTPUT (Mt)

1Q10 2Q10 3Q10 4Q10 COAL OUTPUT (Mt)

0.9 2.7

1.1

1.0 2.5

1.3

1.4
1.5Mt

2.5

2.3

2.1

1.6Mt 1.1Mt

1.3Mt

1.4Mt

0.4Mt 0.1Mt 0.0Mt 1Q10 2Q10 3Q10 4Q10 1Q11e

0.4Mt 0.3Mt

0.4Mt 0.3Mt 0.3Mt

0.2Mt

0.3Mt

1Q10 2Q10 3Q10 4Q10 1Q11e

1Q10 2Q10 3Q10 4Q10 1Q11e

1Q10 2Q10 3Q10 4Q10 1Q11e

Indominco-Bontang CV: 6050 - 6500 kcal/kg Higher SR due to mining in alternate area

Trubaindo CV: 6250 - 7200 kcal/kg

Jorong CV: 5300 kcal/kg Expect flat production due to limited reserves

Kitadin - Embalut
CV: 5750 kcal/kg Start mining in difficult area so variation in SR is expected
Note: output figures are saleable coal

Additional contractor was added to support 2011 production

East block

West block

27

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

USD/tonne

190 170 150 130 110 90 70 50 30

Quarterly BJI Quarterly ASP

Monthly BJI Monthly ASP

Product mixes with some lower CV impacted 2010 prices ASP 4Q10 vs. 3Q10 down 1% due to product mix

Jun-08

Dec-08

Jun-09

Dec-09

Jun-10

Dec-10

Historical lags continue

ASP 4Q10 $77.25t (-1% QoQ) ASP 2010 $74.65t (+4% YoY)

BJI* Feb 24, 2011 $127.05

28

Indicative 2011 coal sales

Coal sales contract and pricing status Coal sales contract and pricing status
Contract Status
Contracted Fixed

Comment Historically low fixed price as of February at 40%

Index

Price Status

100%
11%

89%

40% 37% 23%

Historically high committed share at 89% as of February

Uncontracted

Unpriced
As of 22Feb11

Remaining unsold mostly lower grade product

TARGET SALES 2011: c.25.0 Mt

29

Coal sales by sales by destination 2010 (22.3 Mt) Indonesia coal geographic destination (ITM and Thai)
ITALY
1.3 Mt 2011 1.8Mt

CHINA

2011 5.1Mt

HONG KONG
1.3 Mt

2011

S.KOREA
2.3Mt

2011

JAPAN
4.2Mt

2011 4.5Mt

1.2Mt
1.8Mt

1.4Mt
2.6Mt 0Mt
2008 2009 2010

4.0Mt

0.6Mt

2008

2009

2010

1.7Mt
2008 2009 2010

INDIA
2.2Mt 2011

2008

2009

2010

0.9Mt

TAIWAN
2008 2009 2010

2011

0.2Mt
2008 2009 2010

2.6Mt 1.9Mt

2.5Mt

OTHERS*
1.4Mt 0.9Mt
1.1Mt

THAILAND
2.7Mt 2.1Mt

2011

INDONESIA

2011

PHILIPPINES

2011

2008

2009

2010

1.6Mt
2008 2009 2010

1.6Mt 1.3Mt 1.2Mt 0.7Mt

1.8Mt
1.1Mt

Mid-to-High CV Low-to-Mid CV 2011 trend expectation

*Includes small, nonregular purchasers

2008 2009 2010 2008 2009 2010 2008 2009 2010

30

5. Coal divisions

(a) Indonesia coal (b) Australia coal

(c) China coal

31

Australia coal
WESTERN OPERATIONS Charbon Inglenook NORTHERN OPERATIONS

ROM output (equity basis) :

4Q10 : 3.96 Mt

Newstan Lochiel
(development project)

Awaba

Newcastle Newcastle (NCIG) Port Waratah

Airly
Neubecks Ivanhoe North Angus Place Springvale Clarence Mandalong

Operation and project updates:

Mandalong: achieved highest

Myuna Mannering

quarterly output in 4Q10 (1.6Mt) following longwall changeover in previous quarter

Sydney

Springvale: commenced longwall

Open-cut mine Underground mine Project Power station Port Road Rail
Note: Centennial equity ownership 100% unless shown in brackets

changeover in late 4Q10 with extraction resuming in Feb 2011

Wollongong

Newstan Lochiel: pre-feasibility

Port Kembla (PKCT)

study completed, progressing into feasibility phase H11

32

Australia coal in 4Q10 (equity basis)

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

Western Operations
Airly (100%) Angus Place (50%) Charbon (95%) 1.6

13.8
6.0

849
5.9 Export 1.5

4.7

Clarence (85%)
Springvale (50%)
4Q10 2010 4Q10 2010

Domestic

Northern Operations
Awaba (100%) Newstan (100%) Mandalong (100%) Mannering (100%) Myuna (100%)
4Q10

8.3

7.9

3.6
219

9.1

1.2
2.4 2.1

2.4

2010

4Q10

2010

4Q10

2010

4Q10

2010

33

5. Coal divisions

(a) Indonesia coal (b) Australia coal

(c) China coal

34

China coal operations

BANPU CHINA 2010 COAL PRODUCTION TARGETS*
PRICE vs. COST (RMB/ t) 692 712
AVERAGE COAL PRICE

PRICE vs. COST (RMB/ t) 764

AVERAGE COAL PRICE

718 622

499
PRODUCTION COST PRODUCTION COST

Gaohe (45%), Shanxi 6 Mt

BEIJING

286

466

505 382

487

512

4Q09 3Q10 4Q10 COAL OUTPUT (Mt ROM) 0.88Mt

0.53Mt

4Q09 3Q10 4Q10 COAL OUTPUT (Mt ROM)

Daning (56%), Shanxi 4 Mt Hebi (40%), Henan 1.5 Mt

0.61Mt 0.32Mt

0.38Mt 0.36Mt 0.37Mt

N.A.
4Q09 3Q10 4Q10 1Q11e 4Q09 3Q10 4Q10 1Q11e

Daning
CV: 6800-7300 Kcal/kg
POWER COAL Operation Project Operation Project

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.

Banpu 56%
Ordered mine closure on Dec 31 due to license expiry. An extension of the license with local authority is under process .

* ROM production

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 Luan 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

Power Thailand : BLCP in 2010 (100% basis)

Bt. million

Q-Q: -47% Y-Y: -16%

10,535

Q-Q: -91%
8,829

Y-Y: -11%

Q-Q: -43% Y-Y: -9%

19,697 17,979

2,456 1,305

5,026

3,412
296

2,843

3,035
3Q10 4Q10 2009 2010

3Q10 4Q10

2009 2010

Availability Payment (AP)

Total revenue 531

FX gain

Q-Q: -44% Y-Y: - 3%

8,393 8,151

Q-Q: -82% Y-Y: -20%

7,834
6,271

3,116
1,960 2,307 1,281
FX gain

1,128
2,502

344

3Q10 4Q10

2009 2010

311

3Q10 4Q10

2009 2010

Energy Payment (EP)

EBIT

103
96% 96% 95% 96% 817 52 51 3Q10 4Q10 2009 2010

Q-Q: -66% Y-Y: -16%

9,807

8,278

2,468
843

Equity income*
3Q10 4Q10 2009 2010 3Q10 4Q10 2009 2010

Dispatch (%)

* Based on Banpus 50% interest

EBITDA

38

Power China in 2010 (100% basis)

BPIC

Sales*
(USD m)

EBITDA
(USD m) 40.3 14.2 8.6

Utilization
(hours) 6,000 5,823

Power tariff
(RMB/kwh)

Coal price**
(RMB/t) 696 645 643 550 0.42

Luannan
Hebei Province Power 100MW; Steam 128tph (Banpu 100% ) 5.8 11.1

41.5

2.2 0.6

1,512 908

0.41

0.42

0.45

Zhengding
Hebei Province Power 48MW; Steam 180tph (100%) 6.5 11.7 1.3 3.4 36.3 31.9

11.1

10.5 2,224 1,524

7,165 6,370 675 0.38 0.38 0.37 0.38 676 535 651

Zouping
Shandong Province Power 100MW; Steam 430tph (70%) 18.3

66.4 77.5 23.9 2,159 1,762 3.2 3.5 3.2 3.5

7,389 7,254

849 776 648 798

0.36 0.36 0.36 0.36

Note: * Unaudited figures, ** Including transportation

3Q10

4Q10

2009

2010

39

Power Thailand : Hongsa project

1,800 MW mine-mouth lignitefired power plant project COD targeted at 2015 Partnership between Banpu (40%), Ratch (40%) and Lao government (20%) EPC agreed HONGSA POWER PLANT
ARTISTS IMPRESSION

PPA execution in April 2010 Loan first drawdown completed in October 2010

40

Appendices

41

Reserves and resources: definitions

ILLUSTRATIVE ONLY

Resources and reserves concepts

Coal in the ground for which there are reasonable prospects for eventual economic extraction
SUFFICIENCY OF GEOLOGICAL DATA FOR MINE PLANNING

Conversion of resources to reserves

1 Economic assumptions
Higher coal price increases the average strip ratio and allows more coal to be extracted
Pit depth (m)

Economically mineable part of a measured and indicated coal resources

COAL RESOURCES
Insufficient

COAL RESERVES

INFERRED

Mineplan with feasibility study at 200m depth

Mineplan with higher stripping ratio Original mine plan

Adequate

INDICATED

-50

1
Additional reserves Additional reserves

Original reserves

-100

-150

Extensive

MEASURED
-200

Original depth cut-off at 150m

PROBABLE
CONFIDENCE Reasonable

PROVED
High

New depth cut-off at 200m

Technical feasibility
New study could prove that additional coal can be mined and increases reserves base

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

42

Operating profit

Units: Bt. million Total sales revenues* Sales revenues Coal Sales revenues Power (BIC) Cost of sales Gross profit* Gross profit - Coal Gross profit Power (BIC) GPM GPM - Coal GPM Power (BIC)

2010 65,285 59,901 4,865 (38,640)

2009

YoY % 13% 14% 2% -4% -3% -33%

57,865
52,704 4,788 (29,992) 27,874 26,629 1,182 48%

26,645
25,788 796 41% 43% 16%

51%
25%

Note: * Including other business

43

Operating profit

Units: Bt. million Gross profit GPM SG&A Royalty Income from associates Dividend income Coal & Power Other income Other expenses - Operations EBIT EBIT - Coal EBIT - Power EBITDA EBITDA - Coal EBITDA - Power

2010 26,645 41% (7,441) (6,925) 6,117 489 1,017 (1,327) 18,575 15,014 3,561 21,966 18,004 3,962

2009 27,874 48% (5,390) (6,467) 7,447 478 351 (2,626) 21,667 17,253 4,414 23,785

YoY % -4%

-14% -13% -19% -8%

18,955 4,830

-5% -18%

44

Operating profit

Units: Bt. million

2010
18,575 (1,682) (299) (3,301) (1,987) 11,306 13,235 24,541 187 24,728 91.00

2009 21,667 (1,282) (181) (4,611) (3,574) 12,020 2,730 14,751 (521) 14,229 52.36

YoY %
-14%

EBIT Interest expenses Financial expenses Income tax (core business) Minorities Net profit before extra items Non-recurring items* Net profit before FX

-6% 66% 74%

FX translations Net profit EPS (Bt/share)

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

45

Operating profit

Units: Bt. million

Total sales revenues* Sales revenues Coal Sales revenues Power (BIC) Cost of sales Gross profit* Gross profit - Coal Gross profit Power (BIC) GPM GPM - Coal GPM Power (BIC)
Note: * Including other business

4Q10
21,507 20,026 1,391 (14,277)

3Q10
13,688 12,607 970 (7,550) 6,137 5,985 100 45% 47% 10%

4Q09
17,428 15,713 1,477 (10,051)

QoQ%
57% 59% 44% 18%

YoY%
23% 27% -6% -2%

7,230
7,066 203 34% 35% 15%

7,376
6,979 367 42% 44% 25%

18% 102%

1% -45%

46

Operating profit

Units: Bt. million Gross profit GPM SG&A Royalty Income from associates Dividend income Coal & Power Other income Other expenses - Operations EBIT

4Q10 7,230 34% (2,770) (2,066) 522 374 (190) 3,101 3,194 (93) 4,914 4,888 26

3Q10 6,137 45% (1,534) (1,542) 1,254 239 309 (110) 4,754 3,407 1,347 5,292 3,854 1,438

4Q09 7,376 42% (1,820) (1,881) 1,676 239 72 (498) 3,121 2,697 424 3,715 3,240 475

QoQ% 18%

YoY% -2%

-35% -6% na. -7% 27% -98%

-1% 18% na. 32% 51% -95%

EBIT - Coal EBIT - Power

EBITDA EBITDA - Coal EBITDA - Power

47

Net profit

Units: Bt. million

4Q10
3,101 (719) (126) (754) (467) 1,034 3,586

3Q10 4,754

4Q09
3,121 (289) (55) (927) (914) 935

QoQ%
-35%

YoY%
-1%

EBIT Interest expenses Financial expenses Income tax (core business) Minorities Net profit before extra items Non-recurring items* Net profit before FX FX translations Net profit EPS (Bt/share)

(383) (77) (827) (332) 3,136

9,926 13,062 231 13,293 48.92

-67% -65% -63%

11% 167% 200%

796
1,731 (90) 1,641

4,620
303 4,923 18.12

6.04

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

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Banpus resources & reserves statement (100% basis)

Mine operation and project
INDONESIA Jorong Indominco Kitadin Trubaindo Bharinto CHINA Daning Hebi* Gaohe AUSTRALIA Airly Angus Place Awaba Charbon Clarence Ivanhoe Mandalong Mannering
100.00 50.00 100.00 95.00 85.00 100.00 100.00 100.00 0.0 77.6 3.6 9.9 35.2 2.8 89.9 8.1 97.7 176.9 0.0 7.2 191.9 4.2 185.2 292.4 97.7 245.5 3.6 17.1 227.1 7.0 275.1 300.5 0.0 23.0 1.0 2.5 7.0 1.5 31.5 1.5 32.2 2.2 0.0 4.6 39.8 0.2 56.5 7.6 34.2 25.2 1.0 7.0 46.7 1.7 88.0 9.1 0.1 3.3 0.9 0.7 1.7 0.2 5.0 0.7 n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a 56.00 40.00 45.00 144.4 60.1 254.8 45.7 116.9 190.1 60.1 371.7 41.9 27.4 70.7 47.3 119.1 89.2 27.4 189.8 3.5 1.5 0.8 194.1 61.8 372.6 92.7 28.8 190.6 64.79 64.99 64.99 64.99 64.35 133.0 592.6 113.1 193.6 183.5 12.4 104.7 51.5 141.1 114.5 145.4 697.2 164.6 334.7 298.0 7.2 135.6 6.9 67.1 41.3 14.0 18.0 41.4 4.1 7.2 149.6 24.9 108.5 45.4 1.0 14.5 1.3 5.4 146.6 743.1 166.1 296.5 298.0 8.2 135.5 26.1 78.3 46.3

Interest (%)

End December 2010 Measured Resources Indicated Resources Total Resources Proved Reserves Probable Reserves Total Reserves

Jan - Dec 2010 Coal Sales

End December 2009 Total Resources Total Reserves

Myuna
Springvale Inglenook Neubacks Newstan Newstan Lochiel Total

100.00
50.00 95.00 50.00 100.00 100.00

2.7
105.7 0.0 31.0 26.7 59.3 2,127.6

340.8
60.5 54.4 1.9 74.0 137.6 2,211.5

343.5
166.2 54.4 32.9 100.7 196.9 4,330.0

0.0
33.6 0.0 16.4 2.4 0.0 518.4

17.2
29.3 0.0 1.7 8.9 45.7 491.7

17.2
62.9 0.0 18.1 11.3 45.7 1010.1

1.4
2.7 44.7

n.a
n.a n.a n.a n.a n.a 2,278.8

n.a
n.a n.a n.a n.a n.a 606.5

49
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

Key Centennial assets

WESTERN OPERATIONS NORTHERN OPERATIONS
Newstan Newcastle Lochiel Newcastle (NCIG) (100%) 30 Mtpa
Charbon* (95%) Airly (100%)
0.1 Mtpa

Coal specifications
Centennial
(avg. of all coal output)

Asian benchmark 6700

6700

Inglenook (95%)
(exploration area)

Gross Calorific Value

(air dried basis)

6700

Awaba (100%)
0.9 Mtpa

(8.79%)

Myuna* (100%) Mandalong

(100%) 5.3 Mtpa

4000

Neubecks (50%) Ivanhoe (100%)

(mine under rehabilitation)

Angus Place (50%)

1.7 Mtpa

Mannering* (100%)
* Total of 2.1Mtpa

Total Sulphur
(air dried basis)

2%

Springvale (100%)
1.6 Mtpa

0.65%

0.70%

Clarence* (85%)
*Charbon and Clarence 2.4Mtpa
Open-cut mine Underground mine Project Power station Port Road Rail
Note: Centennial equity ownership 100% unless shown in brackets

0%

Ash

Sydney

(air dried basis)

16% 7%

20%

0%

Wollongong
50

Total Moisture
(as received)

30%

9%
0 25

12%

Kilometers

Port Kembla (PKCT) 15 Mtpa (16.66%)

0%

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.

50