Company Profile

October 2020
Section 1:
Company Overview
Company Overview
One of the largest and growing integrated coal producers in Indonesia

Business / Activity Overview Financial Summary

• Bayan Resources (“Bayan” or “Company”) is engaged in open cut mining US$MM, unless
of various coal mines located in East and South Kalimantan, Indonesia stated otherwise
2017 2018 2019 1H 2020

• As an integrated coal producer, Bayan produces coal ranging from high CV Production Volume (Mt) 20.9 28.9 31.9 12.1
to sub-bituminous low-sulphur, low-ash coal Revenue 1,067.4 1,676.7 1,391.6 695.7
− In 2019 Bayan produced 31.9 Mt of coal, up from 28.9 Mt in 2018, and is EBITDA (3)
485.1 736.4 374.4 138.2
expected to produce 50+ Mt in the next five years (1) EBITDA margin 45.4% 43.9% 26.9% 19.9%
• The Company has exclusive rights to mine through five Coal Contract of Operating Cash Flow 431.9 571.9 49.5 159.1
Works (CCOWs) and 16 Mining Business Permits (IUP’s) (4)
Capex 48.9 79.6 59.5 31.3
• The Tabang Mine is Bayan’s flagship asset today contributing (5)
Free Cash Flow 397.1 494.5 -10.0 123.0
approximately 80% of the Group’s coal production, is one of the most
competitive coal assets in Indonesia and globally from a scale and cost Total Debt 100.0 130.0 365.0 407.8

perspective (2), and is uniquely positioned to expand capacity rapidly with Net Debt / (Net Cash) (6)
41.3 (99.2) 183.3 93.4
very low levels of capex intensity
• The Group’s Reserves and Resources have been independently verified Capitalization and Credit Overview
and certified to international 2012 JORC standards
− As of Dec 31, 2019, gross Resources stand at 2,741 Mt, of which Share Price (IDR / share) (8) 12,550
1,150 Mt are classified as Reserves Shares Outstanding (mm) 3,333
• As an integrated coal producer, the Company has its own coal loading Market Cap (US$MM) (7)
2,946
infrastructure complementing the logistical needs of Bayan’s operations (6)
Net Debt/(Net Cash) (US$MM) 93

Enterprise Value (US$MM) 3,008

2017 2018 2019 1H20(9)

Net Debt / EBITDA(3) 0.1x -0.1x 0.5x 0.4x

(3)
Total Debt / EBITDA 0.2x 0.2x 1.0x 1.7x
Notes
(1) Based on current company forecasts EBITDA / Net Interest Expense 17.4x 755.1x 39.2x 10.2x
(2) Per Wood Mackenzie independent industry report, showcasing Tabang total cash costs and production forecasts for 2019
(3) EBITDA is calculated as net income before (i) interest expense (ii) income tax benefit (expenses) (iii) depreciation & amortization and (iv) impairment charges
(4) Capex based on balance sheet
(5) Free Cash Flow = Operating Cash Flow – Capex based on cash flow statement
(6) 30 Jun 2020 results: Debt $407.8m less unrestricted cash $314.4m
(7) US$ 1 = IDR14,900
(8) Share price as at 30th September 2020 3
(9) EBITDA results based on Last Twelve Months (LTM) from 1 July 2019 until 30 June 2020 of US$239.3 million
Significant Milestones
2019: Record coal production and
Annual Production Volume (Mt) 2017: Tabang Ramp-up sales
Achieved coal production of 21 Mt, doubled from Expansion of the import jetty of BCT
previous year completed
Tabang became the first coal mining enterprise in
Indonesia to utilize dozer push overburden
removal operations on a commercial scale

2014: Tabang Start-up

Bara Tabang achieved its first
coal production

2022+: Further Expansion

2008: IPO on the IDX Completion of haul road to
Bayan went public and listed its Mahakam River
shares on the Indonesian Stock Expansion to beyond 50+ million
Exchange tonnes per annum

2018: Record year across all metrics

1997–2004: Laying the Foundation
Coal production of 28.9 Mt, EBITDA of
Acquisition of multiple coal
US$736.4MM, dividend of US$150MM
concessions and other companies,
including Balikpapan Coal Terminal Reached net cash position
Consolidated interest in KRL to 100%

1997: Founding 2014 – 2016: Investing in Infrastructure to Support

Founding shareholders Capacity Growth
acquired a coal mining The haul road to Senyiur opened with heavy duty
concession in East trailer hauling commencing
Kalimantan Completion of the second barge loader at Senyiur jetty
to allow for the capacity ramp up at the Tabang Project

2011: Kangaroo Acquisition

Bayan acquired 56% of the shares in Kangaroo
Resources Limited (“KRL”) and its 13 mining
concessions, including the North Pakar
Concessions

2004: Establishment of the Group

Bayan Group is established by the
founding shareholders
4
The Evolution of Bayan Resources (1/2)
Successfully developing the Tabang mine and the associated infrastructure on time and within budget has enabled Bayan to
triple its production since 2016. Growth has historically been, and will continue to be, achieved at very low levels of capex
Overview Coal Production and Strip Ratios
• From 2012 to 2014, coal producers experienced challenges from Mt x
a declining coal price environment, and sustained coal price lows 2019 production of 31.9Mt
across 2015 and early 2016
Gunungbayan Perkasa Wahana
• Despite these challenges, Bayan was committed to the
Teguh Tabang Strip Ratios
development of the Tabang Concession and associated 40
infrastructure, repositioning itself as a low cost, low strip ratio
producer of low sulphur, low ash, sub-bituminous coal 31.9
28.9
• The commencement of mining at Bara Tabang in 2014 and 30
subsequent ramp-up of the Tabang concession have been
instrumental in delivering Bayan: 20.9 5.1x
4.8x 4.9x
20 25.2
– Production stability and tangible low capex brownfield growth 4.0x 22.7
with initial infrastructure development mostly completed; and 3.4x 12.1
15.6
9.7
– A significant decline in average strip ratios and group cash 10
costs, driving EBITDA growth and some of the best EBITDA 6.1 9.3
3.5 3.4 1.5
margins in the industry 2.0
3.0
1.1 1.5 0.7
1.1 0.4 0.4
1.1 0.5 1.2 1.2 1.3
• Any brownfield production growth at Tabang mine will be 0 0.5
2016 2017 2018 2019 1H20
supported by internally generated cash flow, and remains
Coal Sale Specifications (1)
discretionary assuming coal prices going forward are supportive,
giving Bayan the flexibility to manage its growth Calorific
Value
4,843 4,706 4,689 4,712 4,636
• This has been achieved despite the external challenges posed by (kcal/kg
GAR)
coal price uncertainty and volatility

Note
(1) Based on a weighted average of coal sold 5
The Evolution of Bayan Resources (2/2)
Remained profitable, as well as operating and free cash flow positive despite the coal price lows, and being in the midst
of the Tabang development
Cash Margins (1) EBITDA and Margins
US$/t US$MM

120 101.9 800 736.4

88.6 700
90 77.8 600 485.1
65.6 58.5 61.5 500
52.1 47.2 374.4
60 400 166.8
40.5
40.9 300 45.4% 43.9% 138.2
30 200
28.9 29.0 33.3 34.8 32.8 100 30.0% 26.9% 19.9%
0 0
2016 2017 2018 2019 1H20 2016 2017 2018 2019 1H20
Newcastle ASP Cash Costs EBITDA EBITDA Margin

Operating Cash Flow (“OCF”) Free Cash Flow (OCF – Cash Flow Based Capex)
US$MM US$MM

600 571.9 600

494.5
500 431.9 500
395.9
400 400
300 300
200 159.1 200
99.5 123.1
100 49.5 100 51.7
-10.0
0 0
2016 2017 2018 2019 1H20 -100 2016 2017 2018 2019 1H20

Note
(1) As the production from Bara Tabang continues to increase, the Group ASP has recorded higher discount to the Newcastle benchmark; However, given the low cost profile of the
Tabang concession, the Group margin has expanded
6
 Overview of Key Mining Assets
Bayan owns and operates four key developed coal projects with associated infrastructure located in East and South Kalimantan
1 Tabang Concession (including
North Pakar) (5)
Location East Kalimantan
Mine Life (3) 35 years Perkasa Inakakerta (“PIK”)
4
90%; 100% for North East
Bayan Ownership (6) Location East Kalimantan
Pakar concessions Kalimantan
Current Mining Method Open pit / dozer push Mamahak Mine Life (3) 15.4 years
1 Senyiur Bayan Ownership 100%
Gross Reserves 885.8 Mt
Gunung Jetty 4
Calorific Values (4) 4,092 kcal/kg GAR Sari Jetty Current Mining Method Open pit
Pakar
2019/1H’20 Production 25.2 Mt / 9.3 Mt Project Gross Reserves 20.7 Mt
LOM Strip Ratio 3.5x Calorific Values (4) 4,480 kcal/kg GAR
Samarinda
2 2019/1H’20 Production 1.3 Mt / 0.5 Mt
Indonesia
5 LOM Strip Ratio 8.1x
KFT-1 (2)
Balikpapan KFT-2 (2)
BCT (1)

1Q 2020 Production Contribution

2 Teguh Sinarabadi (“TSA”) / Firman
Ketaun Perkasa (“FKP”) WBM PIK
South 6% 4%
Location East Kalimantan TSA /
Kalimantan FKP
Mine Life (3) 3.8 years 13%
Bayan Ownership 100% Banjarmasin 3
Current Mining Method Open pit
Gross Reserves 12.6 Mt
3 Wahana Baratama Mining (“WBM”) 5 Gunungbayan Pratamacoal (“GBP”) (7)
Calorific Values (4) 5,878 kcal/kg GAR
2019/1H’20 Production 3.4 Mt / 1.5 Mt Location South Kalimantan Location East Kalimantan
LOM Strip Ratio 13.2x Mine Life (3) 8.8 years Mine Life Block 2 completed in 2019 Tabang
Bayan Ownership 100% Bayan Ownership 95% 77%

Non-mining assets Current Mining Method Open pit Current Mining Method Open pit
Gross Reserves 13.5 Mt Gross Reserves Block 2 depleted 1H 2020 Total
Undeveloped coal assets (6)
Calorific Values(4) 6,760 kcal/kg GAR Calorific Values 6,454 kcal/kg GAR Production: 12.1 Mt
Suspended assets
2019/1H’20 Production 1.5 Mt / 0.7 Mt 2019 Production 0.4 Mt
Notes
(1) BCT refers to Balikpapan Coal Terminal
LOM Strip Ratio 13.3x 2019 Strip Ratio 14.1x
(2) KFT are our floating transfer barges
(3) Based on our remaining reserves divided by our coal production volume in 2019
(4) Calorific values are based on reserve only
(5) Includes BT, FSP and North Pakar Concessions
(6) North Pakar is held through Bayan’s 100% holding in Kangaroo Resources Ltd
(7) Based on internal estimates 7
Reserves and Resources
Large reserve base, favourable IUP licensing and long remaining reserve life provides a solid growth outlook

PT. BAYAN RESOURCES TBK & SUBSIDIARIES Reserves Mineable Pit @ $80/t (@ 6,322 GAR) used for JORC Reserves
3
Resources
Proven Probable Total Quantity Stripping Measured Indicated Inferred Total
JORC RESERVES AND RESOURCES CV Ash Total CV TM Ash Total CV Ash Total
Project Million Ratio
As at 31st December 2019 Kcal/kg % Sulphur
Tonnes BCM/t
Kcal/kg % % Sulphur Kcal/kg % Sulphur
Million Million Million GAR (adb) % GAR (ar) (adb) % Million Million Million Million GAR (adb) %
Tonnes Tonnes Tonnes (adb) (adb) Tonnes Tonnes Tonnes Tonnes (adb)

Tabang / North Pakar Project

1
PT. Fajar Sakti Prima 60 43 103 4,310 5.1% 0.12% 103 4.7 4,310 33.2% 5.1% 0.10% 88 215 11 314 4,370 5.3% 0.12%
1
PT. Bara Tabang Tabang 199 55 254 4,240 3.5% 0.11% 265 2.7 4,230 34.4% 3.6% 0.10% 213 66 16 295 4,300 3.5% 0.12%
1
PT. Brian Anjat Sentosa 0 5 5 3,520 7.7% 0.16% 5 4.1 3,520 42.6% 7.7% 0.20% 0 18 19 37 3,850 4.8% 0.14%
1
PT. Tiwa Abadi 129 119 248 4,180 4.2% 0.11% 349 4.6 4,160 34.6% 4.4% 0.10% 149 142 130 421 4,210 4.1% 0.11%
1 North
PT. Tanur Jaya 88 81 169 3,880 5.4% 0.12% 208 3.4 3,900 38.6% 5.4% 0.10% 101 126 195 422 3,970 5.1% 0.13%
1
Pakar
PT. Dermaga Energi 77 30 107 3,650 4.7% 0.13% 113 2.2 3,640 42.9% 4.8% 0.10% 80 60 27 167 3,680 5.1% 0.14%
Total 553 333 886 4,087 4.4% 0.12% 1,043 3.6 4,081 36.1% 4.5% 0.10% 631 627 398 1,656 4,134 4.6% 0.12%

South Pakar
PT. Orkida Makmur 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 0 0 0 0 - 0.0% 0.00%
1
PT. Sumber Api 0 5 5 3,130 7.1% 0.21% 5 2.6 3,150 46.5% 7.2% 0.21% 0 12 9 21 3,200 6.3% 0.22%
1
PT. Cahaya Alam South 0 65 65 2,930 7.2% 0.19% 78 2.0 2,940 50.5% 7.3% 0.19% 0 112 75 187 3,135 5.9% 0.22%
1 Pakar
PT. Bara Sejati 0 147 147 2,980 6.8% 0.18% 156 2.0 2,980 50.0% 6.9% 0.18% 0 193 45 238 3,030 6.0% 0.19%
PT. Apira Utama 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 0 0 0 0 - 0.0% 0.00%
PT. Silau Kencana 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 0 0 0 0 - 0.0% 0.00%
Total 0 217 217 2,968 6.9% 0.18% 239 2.0 2,971 50.1% 7.0% 0.18% 0 317 129 446 3,082 6.0% 0.20%

Other Mines
1
PT. Perkasa Inakakerta PIK 13 8 21 4,480 4.5% 1.53% 21 8.1 4,520 31.7% 4.6% 1.56% 25 81 22 128 4,475 4.1% 1.47%
1
PT. Wahana Baratama Mining (Open Pit) 7 6 13 6,760 9.9% 0.60% 13 13.1 6,760 7.2% 9.9% 0.60% 48 41 3 92 6,590 8.9% 0.64%
4 WBM
PT. Wahana Baratama Mining (Underground) 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 43 125 62 230 6,809 9.4% 0.60%
1
PT. Teguh Sinarabadi 5 0 5 5,890 5.3% 0.96% 6 13.7 5,644 16.3% 5.3% 1.00% 24 43 8 75 6,070 4.8% 0.97%
1 TSA/FKP
PT. Firman Ketaun Perkasa 3 5 8 5,870 5.1% 0.96% 10 13.1 5,623 16.3% 5.2% 1.00% 25 59 17 101 5,900 4.7% 0.91%
PT. Firman Ketaun Perkasa - West Block FKP West 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 0 0 0 0 - 0.0% 0.00%
PT. Gunungbayan Pratamacoal Block I 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 0 0 0 0 - 0.0% 0.00%
GBP
PT. Gunungbayan Pratamacoal Block II 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 0 0 0 0 - 0.0% 0.00%
2
PT. Mamahak Coal Mining 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 2 8 4 14 7,080 11.6% 1.62%
PT. Mahakam Bara Energi 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 0 0 0 0 - 0.0% 0.00%
Mamahak
PT. Mahakam Energi Lestari 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 0 0 0 0 - 0.0% 0.00%
PT. Bara Karsa Lestari 0 0 0 0 0.0% 0.00% - - - 0.0% 0.0% 0.00% 0 0 0 0 - 0.0% 0.00%
Total 28 19 47 5,516 6.2% 1.11% 49 11.1 5,474 20.3% 6.2% 1.13% 166 357 116 639 6,087 7.0% 0.89%

Grand Total 580 569 1,150 3,935 5.0% 0.17% 1,331 3.6 3,933 38.1% 5.0% 0.15% 797 1,301 643 2,741 4,418 5.4% 0.32%

Notes:
1
Reserves and Resources statement as prepared by PT. RungePincockMinarco ("RPM") to JORC (2012) standard as at 1 January 2019, long-term coal price used US$80.0 per tonne (6,322 Kcal/kg GAR). Resources are inclusive of Reserves. 2019 Actual Production has been deducted from Proved Reserves
and Measured Resources to determine position as at 31 December 2019.
2
Statement of Open Cut Coal Resources as prepared by PT. New Resource Mine Consulting to JORC (2012) Standard as at 28 February 2015. There has been no mining on this concession since this date.
3
Mineable Pit quantities and stripping ratio are based on practical pit shell and not reserves
4
Wahana Underground Resources statement as prepared by SRK Consulting China Ltd. ("SRK") to JORC 2012 standard as at 30 September 2019.

8
Key Infrastructure (1/5)
Bayan’s key vessel loading infrastructure has been the cornerstone of the Group’s growth strategy. The majority of the
development in recent years has been focused on expansion of the Senyiur Jetty to support the Tabang mine ramp-up
Key Assets Overview

 One of the largest coal terminals in Indonesia; handled more

than 149 Mt of coal and loaded more than 2,613 vessels since
1995, currently supporting Tabang and TSA/FKP
 2 x Shiploaders rated at 4,000 tph each
Land-  Handling throughput capacity of 20.0 Mtpa (which is under
Balikpapan
based expansion to 25 Mtpa)
Coal Terminal
Coal  Stockpile capacity of c. 1.0 Mt (across 14 stockpiles), further
(“BCT”) expansion being undertaken in 2020
Terminal
 Can fully load large Panamax vessels and partially load
Capesize vessels
 Managed by Dermaga Perkasa Pratama, 87.4% owned by
Bayan

 KFT-1 and KFT-2 currently both support Tabang coal mining

operations and are located offshore Balikpapan.
Kalimantan  KFT-1 is able to unload / shipload 4,000 tph and has stockpiling
2x
Floating capacity of 45 kt
Floating
Transfer  KFT-2 is able to unload / shipload 6,000 tph and has stockpiling
Transfer capacity of 60 kt
facility
facilities  Either can be moved to take advantage of location and avoid bad
(“KFT”)
weather and can be positioned to load Capesize vessels
 Managed by Muji Lines / Bara Tabang

9
Key Infrastructure (2/5)
The majority of the development in recent years has been focused on expansion of the Senyiur facility

Key Assets Overview

 Senyiur Jetty supports Tabang coal mining operation. The facility

is able to barge load 12,000 tph with 3 barge loaders and has
stockpiling capacity of 1,000 kt
 Has 6,000 tph crushing capacity, equivalent to 15 Mtpa
Barge  Located on the Kedang Kepala River. Connected by a 69 km
Senyiur long coal haul road
Loading
Jetty  Has the ability to load barges (up to 300 ft; 7,500 Mt)
Facilities  Most of the year, barges directly go to BCT (368 km); Only part
of the year requires transhipment - barges travel to the Mahakam
river (94 km) where transhipment facilities load coal to larger
barges and on to the BCT (274 km) / KFT-1 / KFT-2 (256 km)
 Managed and 100% owned by Bayan

 Gunung Sari Jetty supports Tabang coal mining operation. The

facility has crushing capacity of 2,000 tph, stockpiling capacity of
700 kt is able to load barges at 2,000 tph
 Located on the Belayan River and approximately 24 km from
Barge
Gunung mine site by haul road
Loading Has the ability to load barges up to 230 ft (approx. 3,000 Mt)
Sari Jetty 
Facilities  Barges travel to the Mahakam river (181 km) where transhipment
facilities load coal to larger barges (300 ft; 7,500 Mt) and on to
the BCT (288 km)
 Managed by Indonesia Pratama, 100% owned by Bayan

10
Key Infrastructure (3/5)
The Tabang infrastructure has been designed to allow flexibility and build in redundancy

Key Assets Overview

 Coal mined is trucked to the Intermediate Crushing Facility or

ROM Pads located 2 – 7 km from mine
 Coal is stockpiled, crushed (in the case of the ICF and ROM pad
2) and reloaded onto: (1) 75 ton trucks and transported to barge
Interme- loading facility at Gunung Sari Jetty, or (2) between 200 to 220
Intermediate tonne trucks and transported to barge loading facility at Senyiur
Crushing diate Jetty
Facility / Coal Crushing  ICF: 2,000 tph crushing capacity, stockpile capacity of 650 kt for
Facility / ROM and 700 kt crushed coal
Pads Coal Pads  Coal pad 2: ROM coal stockpile capacity of 550 kt; 2 x 1,500
mt/hr screening and crushing lines and 10x Truck Loading
hoppers
 Coal pad 3: stockpile capacity of 200 kt;

 The Company operates 2 barge transhipment facilities

Barge (combined 2,000 tph) at the confluence points of the Mahakam
Barge
Tran- and the Belayan / Kedang Kepala Rivers
Transhipment  Total capacity of 3.6 Mtpa and 7.2 Mtpa for each facility
shipment
Facilities  These facilities are used to tranship coal from smaller barges to
Facilities
larger barges or top up partially loaded barges

11
Key Infrastructure (4/5)
Bayan is currently constructing a new coal haul road and barge loading facility to facilitate the next level of expansion

Key Assets Overview

 In December 2019, the Company commenced construction of a

101km all-weather coal hauling road which will link the Tabang
Coal Haul Road mine directly to the Mahakam River
to Mahakam  The road will be paralleled for the majority of this distance by a
River Coal Haul public road that the Company is also constructing
Road  The hauling road will have 7 bridges and over 150 culverts
(Under  The Company plans to utilise 200-220 mt payload double trailers
Construction) along this road to optimise its coal production
 The road is currently scheduled to be completed in 2022

 The Company is in the process of finalising the designs for the

barge loading facility that it will construct on the Mahakam River
 In the initial phase this will have 2 x 4,000 tph barge loaders with
the ability to add additional barge loaders in the future
Mahakam River  The facility will also have 2x Side Dump for the receiving of coal
Barge Loading Barge trucks that will have 2 x 2000tph crushing capacity each.
Facilities Loading Additional side dumps have been catered for in the design to
(Finalising Facilities allow further expansion
 This barge loading facility will be used to load 300’ barges with
Design)
7,500 – 8,000 MT
 The facility will also include other supporting infrastructure
including a camp, mess, workshops, fuel receiving jetty and fuel
tanks

12
Key Infrastructure (5/5)
Established and Company owned infrastructure supporting sustainable operations going forward

Key Assets Overview

 TSA Jetty supports TSA / FKP coal mining operation. The facility
is able to barge load 2,000 tph and has stockpiling capacity of
100 kt ROM, 120 kt crushed coal and 1 x 1,000 tph screening
Barge and crushing facility
TSA  Located on the Mahakam River and approximately 20 – 25 km
Loading
Jetty from mine site by haul road
Facilities
 Has the ability to load barges (up to 300 ft; 7,500Mt)
 Barging down the Mahakam River to BCT 463 km
 100% owned and managed by Bayan

 WBM Jetty supports WBM and 3rd party coal mining operations.
The facility is able to barge load 3,000 tph and has stockpiling
capacity of 360 kt
 ICF – 9 km, 150 kt ROM, 130 kt crushed coal and 1 x 1,000 tph
Barge screening and crushing facility
WBM  Coal processing plant – 520 kt crushed coal and 2 x 500 tph
Loading
Jetty crushing
Facilities
 Approximately 21 – 30 km from mine site by haul road
 Has the ability to load barges (up to 300 ft; 7,500Mt)
 Barging to offshore transhipment point for loading ~ 20 km
 100% owned and managed by Bayan

 PIK Jetty supports PIK coal mining operation. The facility is able
to shipload 4,000 tph and has stockpiling capacity of 360 ROM,
260 kt crushed coal and 2 x 500 tph screening and crushing lines
Ship  Coal haulage from mining location to the Jetty of 15 – 20 km
PIK
Loading  Has the ability to load Handy / Panamax vessels
Jetty
Facilities  100% owned and managed by Bayan

13
Industry Positioning
A key player in the Indonesia coal landscape

Remaining Reserves Remaining Mine Life(1)

MT Years

3,500 3,230
200
3,000 2,686 146.8
2,500 150
2,000
1,163 1,150 100
1,500
1,000 501 39.4 32.3
331 50 20.2 18.4
500 14.2
0 0
PTBA Bumi Adaro Bayan Kideco ITMG PTBA Bayan Bumi Adaro ITMG Kideco

Source: Wood Mackenzie, Company Data Source: Company Filings, Company Data, Wood Mackenzie

1H20 Strip Ratio 1H20 Production

x MT

15 60
10.7 41.0
10 8.0 40
27.3
4.4 4.9
5 3.8 20 12.1 12.0
2.9 8.9

0 0
Tabang Adaro PTBA Bayan Bumi ITMG Bumi Adaro Bayan PTBA ITMG

Source: Company Filings, Company Data Source: Company Filings, Company Data

Note
(1) Remaining Mine Life is calculated as Remaining Reserves divided by 2020 Annualised 1Q Production

14
Industry Positioning (continued)
Some of the highest margins amongst our peers

1H20 EBITDA 1H20 EBITDA Margin

US$mm %

600 40 34.1
465.0
30 26.3
400
19.9
20
166.1 165.5 12.1
200 138.2 8.4
79.0 10

0 0
Adaro BUMI PTBA Bayan ITMG Adaro PTBA Bayan ITMG BUMI
Source: Company Filings, Company Data Source: Company Filings, Company Data

1H20 Net Profit 1H20 Net Profit Margin

US$mm %

200 165.5 20
14.4
12.1 10.9
90.9 75.7
100 10
28.5 4.4

0 0
Adaro PTBA Bayan ITMG BUMI PTBA Adaro Bayan ITMG BUMI
-2.7
-100 -52.7 -10

Source: Company Filings, EBITDA estimated using Company Data Source: Company Filings, Company Data

15
Section 2:
Key Highlights
Key Investment Highlights

Owner and Operator of the Sizeable Tabang Mine, One of the Most
1
Competitive Coal Mines in Indonesia and Globally

2 Strong Domestic and Regional Demand Dynamics for Indonesian Coal

Established and Integrated Owned Mining Infrastructure Allows for Low

3
Cost, Organic Capacity Expansion

Sustainable Platform with Incremental Brownfield Growth Opportunities

4
with Minimal Capital Expenditure Required

Strong Relationships With a Geographically Diversified Portfolio of High-

5
Quality Customers

Sustainable and Attractive Dividend Payout Enabled by Robust Balance

6
Sheet and Strong Free Cash Flow Generation

Strong Management Team Backed by Robust Corporate Governance

7
Policies and Supported by Reputable Shareholders

17
 Owner and Operator of the Sizeable Tabang Mine, One of
1
the Most Competitive Coal Mines in Indonesia and Globally
Sizeable reserve base, established infrastructure, an “in demand” coal product, and a cost structure delivering consistently
strong margins. All operating licenses issued pursuant to the current regulatory regime, hence no license conversion risk(1)

Sizeable Reserve Base as of end of 2019 Bottom Quartile Global Cost Competitive Positioning (3)
Total Cash Cost – energy adjusted @ 6,322 kcal/kg (US$/t) – 2019
Reserves (Mt) Resources (Mt) IUP Term
BT Q1 Q2 Q3 Q4
FSP
BT 254 295 By 2028 (1)

North Pakar FSP 103 314 By 2025 (1) Tabang

TA (2) 248 421 By 2038 (1)

TJ (2) 169 422 Exploration stage

DE (2) 107 167 Exploration stage

In Demand Low-ash, Low-sulfur Product Seaborne Export Supply (Mt)

kcal/kg GAR Ash Sulphur Nitrogen
Australia Indonesia Tabang RoW
Bayan Ultra Coal (BUC) 4,000 – 4,250 ~3% typical 0.1% <0.8% Source: Wood Mackenzie

Fast Production Growth with Low Strip Ratios Delivering Consistently Strong Group Margins (4)
MT x US$/t
60 3.1x 2.9x
2.6x 70 58.5
3 52.1
40 47.2
1.5x 1.5x 31.9 2 40.9 40.5
28.9
20.9 40
20 12.1 1
9.8 25.2
22.7 33.3 34.8 32.8
6.1 15.6 9.3 28.9 29.0
0 0 10
2016 2017 2018 2019 1H20 2016 2017 2018 2019 1H20
Tabang Mine Other Bayan Mines Tabang Strip Ratio ASP Cash Cost
Notes
(1) Under the Mining Law 4, Bayan’s IUPs may be extended for two additional 10-year terms after the initial term ends.
(2) Part of the North Pakar Concessions within the Tabang Project.
(3) Global seaborne coal supply curve, 2019. Cash costs derived independently by Wood Mackenzie, inclusive of royalties.
(4) Average selling price (“ASP”) for coal only and cash costs on consolidated Group basis.
18
 Owner and Operator of the Sizeable Tabang Mine, one of
1
the Most Competitive Coal Mines in Indonesia and Globally
Consistently driving down costs through management initiatives. Bayan does not own the trucks or mining equipment, hence
capital costs pertaining to equipment maintenance / replacement are borne by third-party independent mining contractors

Management Initiatives Keeping Costs Use of more efficient mining techniques, such as employing the use of geotechnical radars, dozer push
Structurally Low mining methods, and optimized road haulage of coal

Constant dialogue and

interaction with third-
party contractors

Centralized Fuel
Purchasing

Dozer Push Mining

Method

GeoTechnical Radars

Optimized Road
Haulage

Note
(1) Only at Wahana mine

19
 2 Strong Demand Dynamics for Indonesian Coal
Domestic
Indonesia's consumption of domestic coal for power generation will continue to grow, driven by increasing electrification
to meet power demand from the growing population and government policy that favours coal-fired power generation
Electricity Consumption per Capita Electricity Capacity and Demand
MWh per Capita GW, TWh
15 452
11.0 10.9 10.1 300 386 418 510
8.7 328 357
10 7.6 275 304
6.0 200 235 253 340
4.9 4.3 110 117 128
5 2.7 88 97 104
1.6 100 63 82 170
1.0 0.8 0.5 0.3 0.2 58 42 50 55 62 74
3 8 27 34
0 55 55 55 55 55 55 55 55 55
South Brunei Japan Malaysia Thailand Indonesia Pakistan Myanmar 0 0
2017 2018 2019 2020 2021 2022 2023 2024 2025
Korea
Taiwan Singapore Hong China Vietnam Philippines Cambodia Existing Capacity (GW) Additional Capacity (GW)
Kong Electricity Demand (TWh)

Today, Indonesia uses less electricity per capita compared to Growing population, rising income per capita and a low electrification
developed countries ratio are expected to drive significant growth in electricity demand

Indonesian Electricity Generation Dominated by Coal Coal to Continue Accounting for over 50% of Fuel Type
TWh Fuel Type Projection in the Electricity Sector 2017–2025
600
Geothermal Hydro Others Hydro Others
5.8% 5.8% 0.6% 10.9% 2.0%
400 Geothermal
Oil
9.6%
8.5%
200 Oil
Other Gas 2.0% Coal
17.7%
2017 Coal 2025 50.5%
0 53.6% Other Gas
2017 2018 2019 2020 2021 2022 2023 2024 2025 17.0%

Coal Gas (Including LNG) Oil Geothermal Hydro Other renewables Import LNG
8.0% LNG
8.0%
Coal accounts for over 50% of the energy share in Indonesia
Source: Wood Mackenzie, broker research

20
 2 Strong Demand Dynamics for Indonesian Coal
Regional
Indonesian coal is well placed to serve the growing regional markets, particularly in SEA and India. Its low-sulfur and low-
ash content also makes it highly sought after by power generators that need to meet mandated emission standards

Indonesia has Proximity to Key Regional Import Markets Indonesian Coal has Lowest Impurity Content Globally
Ash (%) Total Sulphur (%)
30% 1.32% 0.68% 2%
0.70% 0.51%
0.67% 0.30% 0.39% 17.8%
South 0.13% 0.47% 0.40% 15.2%
11.1% 11.6% 13.0%
China Korea Japan 15% 8.9% 9.6% 1%
5.0% 6.0%
3.5%

Hong KongTaiwan 0% 0%
India Tabang Indonesia ICI4 Colombia United Canada Russia FOB Australia South
ThailandVietnam Philippines mine 4200 States Newcastle Africa

Malaysia Ash Total Sulfur

Growing Regional Markets in SEA and India

Indonesia
Global Seaborne Thermal Coal Import Demand 2017-2025E CAGR (%)
12 7.3
3.1
One of the Lowest Cost Producing Markets Globally 6 0.2
0
Average Cost of Coal Production (US$/t) (1) (6) (1.2)
(12) (7.1)
67 78 China Rest of World JKT (2) India SEA
80 62 66
58 60
49
60
32
Coal Fired Power Stations Build in Regional Markets
40
20 # of Stations
0 90
47
45 50
27 3
41 19 16 1
20 9 4 9 4 2
0
India Indonesia Vietnam Bangladesh Philippines Thailand Cambodia Myanmar
Source: Wood Mackenzie, Global Coal Plant Tracker
Construction Announced + Pre-permit + Permitted

Notes
(1) As of 2019, on energy adjusted basis, according to Wood Mackenzie independently derived seaborne coal cash cost curve.
(2) Japan, South Korea, Taiwan.
21
 Established and Integrated Owned Infrastructure Allows
3
for Low Cost, Organic Capacity Expansion
Tabang infrastructure is complete, with discretionary low capex brownfield growth available if the environment is supportive
Direct
69 km BCT: 368km Capacity (Mtpa)
Haul road
Barging
Tabang Barging BCT: 274 km 55+
Senyiur Jetty
Mine 94 km KFT-1 / 2: 256 km
BCT
Transshipment
KFT-1 30+
102 km KFT-2
Barging Barging
Haul road (1)
181 km BCT: 288 km
Gunung Sari Jetty Transshipment
Mahakam River
Port Facilities at Today Upside
Muara Pahu Barging

Established mine to port infrastructure owned by Bayan. Haul trucks and barges owned / operated by trusted third party contractors
Capacity (Mtpa)
20 – 25 km Barging 25
Haul road 463 km 20
Teguh Teguh (TSA)
BCT
mine Jetty
Today Upside
8-10
21 – 30 km Barging
Wahana Haul road Wahana (WBM) 20 km
Floating crane
mine Jetty
Today

8-10
15 – 20 km
Perkasa Haul road Perkasa (PIK) Direct shiploading to Handy / Panamax Vessels
mine Jetty
Today

Notes
(1) Bayan is in the process of permitting and designing a haul road from the Tabang mine direct to the Mahakam River, which would allow Bayan to minimize its reliance on the seasonal rivers served by the Senyiur and
Gunung Sari Jetties, to barge our coal from the Tabang mine to BCT or floating transfer barges. Road construction is expected to commence in 2020.
(2) Public haul road to Gunung Sari Jetty.
22
 4
Sustainable Platform with Incremental Brownfield Growth
Opportunities with Minimal Capital Expenditure Required
Bayan has the ability to exploit a number of brownfield opportunities at the North Pakar Concessions, and capitalize on
existing infrastructure, thus substantially reducing ancillary development and operating costs.

Further Growth Strategy Capex Intensity by Country (1)

 Asphalting of the Senyiur coal haul road commenced in 2017 and US$/t
Tabang Capacity Growth
continuing into 2020
250
55+
 New coal haul road to the Mahakam River commenced construction in
December 2019 with a view to completion in 2022 30+ 218
207
 New barge loading facility to be built directly on the Mahakam River 200
 Upgrading of inloading and export jetty at Balikpapan Coal Terminal Today Upside 175
completed in 2018 and 2019
…Unlocking tangible capacity upside 159 161
 Furtherupgrade of stockpiling capacity at Balikpapan Coal Terminal 150
at ~US$9/ton (2)
commenced in 2020 130

 Budgeted capital expenditure of approximately US$330MM between 110

2020 – 2023, of which US$238MM will be on expansion to produce an 98
96
additional 30+ mtpa of capacity and US$92MM on sustaining and 100
85
maintenance
71
65
50
50

23
13
8

Source: Wood Mackenzie

Notes
(1) Capex intensity by country based on Wood Mackenzie calculations, based on 2012 real dollars.
(2) Tabang capex intensity based on Company calculations using US$238MM growth capex divided by the estimated incremental 30+ Mtpa
production / sales capacity that the capital investment would provide.
23
 Strong Relationships with a Geographically Diversified
5
Portfolio of High-Quality Customers

High Quality Customer Base and Attractive Payment Term Key Sales Contracts
 Long-term relationship with strategic long term end users in proximate jurisdictions
Major Customers(3) Shareholders

 247Mt of total contracted sales volume the majority of which are in the 4,000 – Nghison • KEPCO, Marubeni
4,400 Kcal/kg range to support the future growth of Tabang (1) • One Energy Ventures, Vietnam Electricity Group , Pacific
V-TEC Group Corp
 Sophisticated pricing strategy; agreed price contracts which are index linked to
GN Power Kauswagan • AC Energy (Ayala Corp)
reference benchmark; approximately 80% of contracted volume is linked to FOB
Newcastle • AC Energy (Ayala Corp), Power Partners, Aboitiz Power
GN Power Dinginin Corporation

 All export sales backed by letter of credit VAPCO • China Light and Power, Mitsubishi

TNBF • Tenaga
 80%-90% of Non-PLN Domestic sales are typically prepaid before coal is loaded (2)
Sembcorp Energy • Sembcorp
 No bad payment history with invoice paid within 30 business days Cirebon • Chubu, Marubeni, KEPCO, Samtan, Indika

Our Coal is Well Suited to Customer and Market Needs Sales by Geographic Region 1H 2020 (by volume)
 Number of customers is expected to increase as we build new long term strategic
offtake relationships in frontier markets Malaysia
Philippines 12%
 Being a long term IUP holder underpinned by a large reserve and resource base,
Other
Bayan is able to meet its customer’s long-term coal supply needs
23%
8%
 Bayan is well positioned to capitalize on increasing domestic and regional coal
fired capacity
India
 Indonesian customers are expected to increase demand for Bayan coal given 12%
design coal for Indonesian plants are aligned with coal specifications of the
Tabang mine

China
16% Indonesia
South 16%
Notes Korea
(1) Contracted volumes agreed in principle, certain long-term offtake agreements are pending finalization / signing.
(2) PLN does not prepay for coal sales prior to loading, typically paying within 60 business days. 13%
(3) Some of these major customers have contracted volumes but have not yet commenced offtake
24
 Sustainable and Attractive Dividend Payout Enabled by
6
Robust Balance Sheet and Strong Cash Flow Generation
We intend to focus on generating healthy operating cash flows and maintaining balance sheet strength while also returning
capital to shareholders

• Bayan was able to distribute a dividend of US$150.0MM in 2018, US$300.0MM in 2019 and US$66.6MM in 2020
• Current dividend policy is to distribute up to 60% of annual distributable profit, taking into consideration:
Dividend Policy
− Prevailing market conditions and business operational outlook
− Working capital requirements, future development capital requirements

EBITDA and Net Income Operating and Free Cash Flow

US$MM US$MM
800 736.4
700 571.9
600 485.1 524.3 494.5
431.7397.1
338.0 374.4
400 300 159.1 123.1
234.2 99.5 51.7
166.8 138.2 49.5
200 75.7 -10.0
18.0
-100 2016 2017 2018 2019 1H20
0
2016 2017 2018 2019 1H20 Operating cash flow Free cash flow
EBITDA Net Income

Cash Balance (1) Leverage Ratios (2)(3)(4)

US$MM x
8
400
314.4 6
300 229.2 2.9x
4
174.5 1.3x
200 2 0.2x 0.2x 1.0x
2.6x
100 59.8 58.7 0
(0.1x) 0.5x 0.4x
(2) 0.1x
0
2016 2017 2018 2019 1H20
2016 2017 2018 2019 1H20
Total Debt / EBITDA Net Debt (Cash) / EBITDA
Notes
(1) Excludes restricted cash and cash equivalents, which are time deposits with certain banks to secure our mine reclamation obligations to the Government and other relevant Government authorities.
(2) Total debt includes short-term bank loans, long-term bank loans and finance lease payables (excluding un-amortised debt issuance costs).
(3) Net debt (cash) calculated as total debt less cash and cash equivalents (excluding restricted cash and cash equivalents).
25
(4) 1Q 2020 Ratios based on Last Twelve Months (LTM) EBITDA information = US$314.2 million
 7 Strong Management Team and Reputable Shareholders
Major Shareholders

• Dato’ Low is the founder and majority shareholder of the Bayan Group and affiliated companies
• Dato’ Low’s business interests commenced in Indonesia in 1973 when he formed PT. Jaya Sumpiles Indonesia (“JSI”) as an
earthworks, civil works and marine structure contractor. JSI quickly became a leading contractor in Indonesia in the above
fields and remained so during the 1980’s and 1990’s. In 1988, JSI ventured into contract coal mining and was a leading mining
contractor until 1998 when Dato’ Low acquired PT. Gunungbayan Pratamacoal and PT. Dermaga Perkasapratama
• His current focus shifted to the ownership and operation of coal mines in Indonesia and the related logistics activities
Dato’ Dr. Low Tuck Kwong
President Director • Under the leadership of Dato’ Low, the Bayan Group was formed through a number of strategic acquisitions in the coal sector
including PT. Wahana Baratama Mining, PT. Teguh Sinarabadi, PT. Firman Ketaun Perkasa, PT. Perkasa Inakakerta, and
Kangaroo Resources Ltd.

Korea Electric Power Corporation PT Sumber Suryadaya Prima (“SSP”)

• KEPCO owns 20% of the Company’s shares through five subsidiaries, • SSP owns 10% of the Company’s shares
namely Korea East-West Power, Korea Midland Power, Korea South-
• It operates various coal fired power plants in Indonesia
East Power, Korea Southern Power, and Korea Western Power, each
holding 4%
• Founded in 1898 and 51% owned by the Korea government, KEPCO is
an integrated electric utility company, generating transmitting, and
distributing electricity in Korea and internationally
• As of December 31, 2016, KEPCO had a total of 655 generation units,
including nuclear, thermal, hydroelectric, and internal combustion units
with an installed generation capacity of 79,217 megawatts
• Listed both in KRX and NYSE with market capitalization of US$10 billion
as of March 31, 2019
• AA rated by S&P and Aa2 rated by Moody’s

26
7 Strong Management Team and Reputable Shareholders
Board of Directors

Dato’ Dr. Low Tuck Kwong

President Director Alastair McLeod
and Chief Executive Officer Director & Chief Financial Officer

31 23 29 16
• Appointed as Director and CFO of Bayan in 2008
• Appointed as President Director of Bayan in 2018
• Previously served as Indonesia Head of Corporate Restructuring in
• Serves as President Director at various Bayan’s subsidiaries
• Awarded Honoris Causa degree by University of Notre
23+ years of KPMG
• Holds a Diploma in Accounting from Napier College, Scoltland
Dame, Dadiangas, Philippines average industry • Chartered Accountant and member of ICAS

experience
Jenny Quantero
Director of Corporate Affairs Russell Neil
and Corporate Secretary Director & Chief Development Officer

31 23 28 17
Experienced team
• Appointed as Director of Bayan in 2004 • Appointed as Director and Chief Development Officer in 2008
• Serves as Corporate Secretary of Bayan with strong local • Has more than 27 years experience in mining industry
• Holds Diploma in Foreign Languages from ABA “PRAYOGA”,
Padang, West Sumatra, Indonesia
knowledge • Holds Bachelor in Commerce (Accounting) and Arts (Asian
Studies) from Murdoch University, Australia

Lim Chai Hock Kim Hyun Kook

Director and Chief Operating Officer Director of Risk Management
Deep technical and
31 23 1 1
execution expertise • Appointed as Director of Bayan in September 2019
• Appointed as Director of Bayan in 2007
• held several key positions during his career in Korea-South-
• Previously held executive position at Bayan’s subsidiaries
• Holds a Certificate in Land Surveying from Lembaga Jabatan
East-Power Corporation (KOSEP)
• Holds double degrees in Chinese and international business
Ukur, Malaysia
from the Hankuk University of Foreign Studies, South Korea

Low Yi Ngo
Director of Sales and Marketing

15 15
• Appointed as Director of Bayan in 2007
• Holds executive positions at various Bayan’s subsidiaries
• Holds Bachelor in Mechanical and Production Engineering
from Nanyang Technological University, Singapore

Years of Industry Experience Years with Bayan Group

27
 7 Strong Management Team and Reputable Shareholders
Board of Commissioners

Prof. Ir. Ir. Michael Dr. Ir. Rozik B. Lifransyah

Purnomo Sumarijanto Soetjipto Gumay
Yusgiantoro Commissioner
Commissioner Independent
M.Sc., M.A., Ph.D. Commissioner
President
Commissioner

• Appointed as Commissioner on 10 • Appointed as Commissioner on Mar 18, • Appointed as Independent • Appointed as Commissioner on 10
January, 2018 2008 and serves as the President Commissioner on Mar 18, 2008, and January, 2018
Commissioner of PIK and Commissioner Head of the Audit Committee (2008 – • Acting as Commissioner of PT. Sumber
• Minister of Defense for the Republic of present) and the Head of Remuneration
Indonesia (2009 – 2014) of FKP, GBP and TSA Segara Primadaya – PLTU Cilacap (Sept
and Nomination Committee (July 2016 – 2009 – Present)
• Minister of Energy and Mineral • President Commissioner of the Company present)
Resources for the Republic of Indonesia (2006 – 2008) • Member of the Audit Committee of PT.
• Director General of Geology and Mineral Bakrie & Brothers Tbk (May 2006 –
(2000 – 2009) • Chairman and Non-Executive Director of Resources (1997-1998)
Manhattan Resources Limited (2006- Present)
• Chairman of the ASEAN Defense • Director General of Mines in the
Ministers organization (2009 – 2014) 2013) • Previously member of the Audit
Department of Mining and Energy of the Committee of PT. Bank Tabungan
• Chairman of the ASEAN Energy • Chairman of the Honorary Board of Republic of Indonesia (1998-1999)
Architects in the Indonesian Association Negara (Persero) Tbk (Aug 2005 – Sept
Ministers organization (2000 – 2009) • President Commissioner of PT Aneka 2011)
of Architects (2005-2008)
• President (2004), Secretary General Tambang (Persero) Tbk (1997-2001) • Expert Staff in the field of Economics for
(2002) and Governor (1995-1998) of the • Executive Director of the Indonesian
Mining and Energy Society (1997 – • State Minister of Public Works of the the Democrat Party of Indonesia (May
Organization of Petroleum Exporting Republic of Indonesia (1999-2000) 2008 – April 2010)
Countries – OPEC 2010)
• Chairman of the Supervisory Board of • Commissioner of PT Freeport Indonesia • Has a Master of Management from the
• PhD in Mineral Economics from the (2001-2012) Economics Faculty of Universitas
Colorado School of Mines, Colorado, the Indonesian Institute of Energy
Economics • Independent Commissioner and head of Indonesia, 2003
USA
• Currently, a member of the Advisory audit committee at PT INCO/Valet
• Masters in Economics and Engineering Indonesia (2007-2010)
from the Colorado School of Mines, Board of the Indonesian Renewable
Colorado, USA Energy Society, the Indonesian • Member of Risk Management Committee
Electricity Society, and the Indonesian (2009-2012), member of Remuneration
Geothermal Association and Nomination Committee (2009-2016),
Independent Commissioner of PT Holcim
Indonesia Tbk (2009-2010)
• President Director of PT Freeport
Indonesia (2012-2015)

28
Section 3:
Financial Overview
Sales and Revenue Analysis

• Bayan has successfully Revenue Sales Volumes Average Selling Price (1)
continued the ramp up of
the Tabang Concession, US$MM Mt US$/t
increasing production / 29.2
1,750 1,676.6 30 80
sales volumes, and 28.3
ultimately driving top line
growth
1,500
1,391.6 25

60 58.5
1,250 20.1
52.1 52.1
20
1,067.4
47.2
17.1
1,000
40.9 40.5
15 40
13.0
750 695.7

555.5
10 8.9
500 465.0
20

5
250

0 0 0

Note
(1 ) ASP based on coal only.

30
Cost Analysis

• The ramp-up of the Production Cash Cost Cash Cost per ton (1)
Tabang Concessions in
between 2015 - 2020 was Mt US$MM US$/t
instrumental in driving
cash costs lower and 35 1,250 80
ensures that Bayan will 31.9
remain profitable during
the coal price lows 30 28.9
1,017
1,000 942
60
25

20.9
750 43.2
20
583 40 4.2
560 3.3 33.3 34.8 32.8
15 30.1 29.0 3.3
12.1 500 7.4 4.1 0.9 2.2
0.8
11.3 3.0 0.9 5.0
386 391 1.9 3.9 4.5
4.2
9.7 1.3
10 5.0 4.0
20
250 28.3
5 23.8 25.6 25.7
20.2 19.8

0 0 0

Production Selling
Note G&A Royalty
(1 ) Based on sales volume

31
Profitability and Profit Margins

Gross Profit / Gross Profit

• Bayan has been able to
drive earnings and
Margin EBITDA / EBITDA Margin Net Profit / Net Profit Margin
margins higher positioning US$MM % US$MM % US$MM %
the Company as one of
Indonesia's most profitable 1,000 60% 800 60% 600 35%
coal mining companies as 736.4 32%
the impact of the ramp-up 524.3
52%
846.9 31%
of Tabang has 500 30%
materialized 50%
800 51% 45%
• 2015 net loss included 600
44%
45%
one-off impairment 400 25%
charges on mining 40%
38% 485.1 338.0
properties of US$55MM 600 553.6 35%
300 20%
489.4
30% 400 30% 374.4 30% 234.2
26% 27% 27% 17%
400 200 15%
20% 20%
17% 11%
210.4 200 166.8 15% 100 75.7 10%
190.7
200 138.2
122.8 10% 18.0
79.4
0 5%
3%
0 0% 0 0%
(100) (81.8) 0%

Gross Profit Gross Profit Margin EBITDA EBITDA margin Net Profit Net Profit Margin

32
Credit Metrics

• Bayan has continued to Total Debt / EBITDA Net Debt / EBITDA

show a track record of
sustained deleveraging x x
even during times of 10 10
depressed coal prices
6.9x
• The development and 5.8x
ramp-up of Tabang has
5
been instrumental in 5 2.6x
2.9x
delivering this 1.7x 0.51x
1.0x 0.1x -0.10x 0.39x
0.2x 0.2x 0
• The Group has been
0 2015 2016 2017 2018 2019 1H20
assigned independent
2015 2016 2017 2018 2019 1H20
credit ratings of BB-, Ba3
and B+ by Fitch, Moody’s -5
and S&P respectively
EBITDA / Net Interest Expense Third Party Debt / Total Capital Ratio(1)
x %
800 755.1x 70% 58.7%
57.8%
60%
600 50%
40% 28.6% 29.4%
400
30%
200 20% 11.2% 11.3%
2.7x 3.7x 17.4x 39.2x 10.2x 10%
0 0%
2015 2016 2017 2018 2019 1H20 2015 2016 2017 2018 2019 1H20

Note
(1) Third Party Debt includes Bank Debt, Financing Leases and Derivatives divided by Total Capital (Total Liabilities plus Total Equity)

33
Appendices
 Ownership and Corporate Structure (1)

Dato’ Dr. Low Tuck PT Sumber Suryadarma

Prima Public Shareholder
Kwong

53.7% 10.0% 36.3%

Public and
PT Bayan Resources Tbk
Management (3)
Subsidiaries (2)
99.9% 20.0% 16.3%
PT Bayan Energy

90% 90% 99.9% 75% 75% 75% 75% 100% 95.24% 75% 75% 62.42%

0.1% 25% 25% 25% 25% 25% 25% 25%

PT Brian PT Firman PT Wahana Kangaroo PT Dermaga

PT Bara PT Fajar PT Teguh PT Perkasa PT Metalindo PT Indonesia PT Muji
Anjat Ketaun Baratama Resources Perkasa
Tabang Sakti Prima Sinarabadi Inakakerta Prosestama Pratama Lines
Sentosa Perkasa Mining Limited (4) Pratama

Tabang TSA / FKP WBM PIK 97.39%

PT Gunungbayan
Pratamacoal

99% 99% 99% 99% 99% 99% 99% 99% 99% 99% 100% 99.99%

Kangaroo
PT Tiwa PT Tanur PT Dermaga PT Silau PT Orkida PT Sumber PT Bara PT Apira PT Cahaya PT Karsa PT Sumber
Minerals Pty
Abadi Jaya Energi Kencana Makmur Api Sejati Utama Alam Optima Jaya Aset Utama
Ltd

North Pakar
99% 99% 99% 99%
Tabang Concessions PT Mahakam
PT Mamahak PT Bara PT Mahakam
Energi
Coal Mining Karsa Lestari Bara Energi
Lestari

Investment Holding Coal Mining Investment in Subsidiary Mine Contractor Shipping Coal Port Management Service and Trading
Notes
(1) Position per February 29, 2019.
(2) Held through 5 KEPCO’s subsidiaries.
(3) Management include Chin Wai Fong, Lim Chai Hock, Engki Wibowo, Jenny Quantero, Russell John Neil, Alastair McLeod and Low Yi Ngo
(4) Pro forma corporate structure post finalization of the SPA with Kangaroo Resources Limited. 35
Project Locations

36
Disclaimer

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and commencement of legal proceedings against you.

It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s
financial position or prospects. The information contained in these materials has not been independently verified and is subject to verification, completion and
change without notice. The information contained in these materials is current as of the date hereof and are subject to change without notice, and its accuracy is
not guaranteed. The Company is not under any obligation to update or keep current the information contained in these materials subsequent to the date hereof.
Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of its directors and affiliates or any
other person, as to, and no reliance should be placed for any purposes whatsoever on, the fairness, accuracy, completeness or correctness of, or any errors or
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These materials contain historical information of the Company which should not be regarded as an indication of future performance or results. These materials
may also contain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. These forward-looking statements reflect the
Company’s current views with respect to future events and are not a guarantee of future performance or results. Actual results, performance or achievements of
the Company may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such
forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which
the Company will operate in the future, and must be read together with such assumptions. Predictions, projections or forecasts of the economy or economic
trends of the markets are not necessarily indicative of the future or likely performance of the Company, and the forecasted financial performance of the
Company is not guaranteed. No reliance should be placed on these forward-looking statements.

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