1Q10 l d1Q10 results and commentsINVESTOR & ANALYST UPDATE

4 June 2010

1

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.

22

1. Introduction

2. Focus: Bontang Coal Terminal

3. Operational review

4. Commercial review

5. Financial review

3

1. Introduction

Virach MakaranithirojHead of Investor RelationsHead of Investor Relations

4

Banpu in 1Q10: the figures

Coal sales

6.16 Mt Unit: Bt. million

Down 1 0 MtCoal Power Total Q-Q

Down 1.0 Mt14% Q-Q Y-Y

13,828

1,045

1,423

997

Revenue

Equity income

15,251

2,042

-12%

190%

12%

-1%,0 5

3,452

1 452

99

1,463

1 265

qu ty co e

EBIT

Net income

2,042

4,915

2 717

90%

57%

66%

%

-25%

43%1,452 1,265Net income 2,717 66%-43%

5

First step into Australia

Banpu has acquired 14.9% stake in Centennial for c.A$280M at average price A$4 8 per share

Largest independent coalmining company in Australia (16Mt in 2009)

price A$4.8 per share

Banpu’s first strategic step into the Australian coal sector: objective to go

9 mines in New South Wales: mainly underground (longwall)

Australian coal sector: objective to go up ‘learning curve’ (similar to first steps in Indo in 1990s and China 2003-05)

Reserves 420 Mt, Resources 2,351 Mt

Sells over two-thirds of output domestically (contracts up for renewal

Discussion has already taken place between the CEOs

domestically (contracts up for renewal over next few years)

Nearly one-third sales to export market

Banpu will explore the potential for co-operation at different levels

CEO: Robert Cameron (founder, 1989)

Centennial Ebitda in 2009: A$220M

6

Centennial Ebitda in 2009: A$220M

2. Focus: Bontang Coal Terminal

Philip GasteenHead of Marketing & LogisticsHead of Marketing & Logistics

77

BoCT expansion in summary

Expansion and upgrades BenefitsShip-loading capacity

from 11.0 to 20 Mtpa* Reduce logistics costs (e.g. bringing Trubaindo coal through Bontang reduction of rehandling and fine

Reduce logistics costs (e.g. bringing Trubaindo coal through Bontang reduction of rehandling and fine

Barge unloading capacity

Truck in-loading capacity

from 1,500 to 2,000 tph

Bontang, reduction of rehandling and fine coal losses, faster loading rates…)

Enable blending upgrades (improving pricing margins)

Bontang, reduction of rehandling and fine coal losses, faster loading rates…)

Enable blending upgrades (improving pricing margins)Barge unloading capacity

from 2 to 12 Mtpa

Port stockyard capacity

(improving pricing margins)

Reduce dependence on third-party ports (synergies)

(improving pricing margins)

Reduce dependence on third-party ports (synergies)

from 0.35 to 0.65 Mt

Barge loading capacity

from 0 to 2 Mtpa

p y p

Target domestic and niche markets

p y p

Target domestic and niche markets

from 0 to 2 Mtpa

* Currently 18.5Mtpa, will be 20Mtpa by end 2010

8

ITM owns the second largest coal terminal in Kalimantan

East Kalimantan Ship-loading

capacityMax vessel

42

20

Tj. Bara

180,000 DWT

Max vessel size

Distance to Japan 20

BoCT (ITM)BCT

95,000 DWT2,504 nautical miles

NSW to Japan Note: ITM has significantCentral

Kalimantan15

BCT

N.Pulau Laut

60,000 DWT

4,324 nautical milesNote: ITM has significant economic advantage in using BoCT over third party ports for its coal exports

South Kalimantan

17

N.Pulau Laut

IBT

150,000 DWT

10IBT

80,000 DWT

CAPACITY FIGURES FOR OTHER TERMINALS ARE INDICATIVE ESTIMATES ONLY : PLEASE REFER TO COMPANY DATA

9

BoCT development timeline

2002 5.6

Shiploading capacity (Mtpa)Year

2004 8.02004

2006

8.0

11 4BoCT Expansion & Upgrade Programme 2007 2010 2006 11.4

Stage 1Jun 07

Feb 07

Jul 07

BoCT Expansion & Upgrade Programme 2007-2010

2008• 6 new stockpiles• Skyline stack

conveyor • Conveyor from

11.8Jun 08

gJan 08

Oct 09 Jan 10

Stage 2AStage 2B

Stage 2CJan 09

2010conveyor

• Reclaim system + 4 new feeders

• Truck dump pad• Alternative road

ybarge unloader to stockpile/ship

• Surge bin

• Barge Loader• Shiploading: surge

barge + conveyor• Shiploading: no

• New stockpiles• Tunnel feeders

• Continuous Barge Unloader

20.0Oct 09 - Jan 10 Feb 10 Mar 10

Sep 10 Stage 3

10

p gsurge barge

• New pulley for conveyor system

BoCT expansion budget vs actual (Stage 1 and 2)

Actual 2007-10BOD budget 2006

Stage 1$27M*

Stage 1$26M

$73M** Inclusive of

VAT (or $67M pre-VAT) $101M

Stage 2$46M* Stage 2

$75M$75M

Higher actual expenditure due to:

• Additions and changes to scope (e.g. alternative road, shiploading tph increase, new pulley for conveyor system,

other capacity increases…)

11

• Raw materials (e.g. steel prices) and other cost increases

Stage 3 to be completed by Q4 2010

Expansion and upgrades Benefits

Dumping stationSupport high volume of inland coal from IMMSupport high volume of inland coal from IMM

p pg

New stockpile 62b with 30 000 ton capacity coal from IMM

Increase product diversification

coal from IMM

Increase product diversification

New stockpile 62b with 30,000 ton capacity

New stockpile 62a with 50,000 ton capacity

Decrease turnover rate of stock pileDecrease turnover rate of stock pile

New tower conveyor system to stack coal

2 new reclaimer systems with 2,000 tphcapacity to connect existing reclaim belts

Solve bottleneck problemSolve bottleneck problemp y g

Reclaim using chain feeder

12

BoCT Expansion & Upgrade Program Stage 1

Port StockyardBelt pulling preparation

Barge Island AreaDump bin 2 Dump bin 1

Ship

Stockpiles

150Kt

170Kt

300Kt

Expansion Stage

300Kt

Stage 1

New stockpile, skyline tripper reclaim conveyor Overhead conveyor Transfer conveyor

New stockpile 300 Kt

13

tripper, reclaim conveyor Overhead conveyor Transfer conveyor300 Kt

BoCT Expansion & Upgrade Program Stage 2

Barge Crane Unloader 2007

Continuous Barge Unloader 2010

Floating Terminal Station* 2009Port Stockyard

Barge Island AreaDump bin 2 Dump bin 1

ShipCBU

Increased 150Kt

Barge Loader

FTScapacity

170Kt

300Kt

Upgrade to 3,700 tph 2009

Expansion Stage

300Kt

Stage 1

Stage 2

Barge Loader 2009

14* Completed 2009 but not officially part of ‘BoCT Expansion & Upgrade Programme’

BoCT Expansion & Upgrade Program Stage 3

New Stockpiles and Truck DumpPort Stockyard

Barge Island AreaDump bin 2 Dump bin 1Dump bin 3

30 KtCBU

Barge Loader

FTS50 Kt

Expansion Stage

Stage 1

Stage 2

Stage 3

T l F d

15

Tunnel Feeders

3. Operational review

Somyot RuchirawatHead of Indonesian CoalHead of Indonesian Coal

16

3. Operational review

i) Coal business

17

Indonesian coal operations in 1Q10

Coal output :East Kalimantan

ITM OPERATIONS & PROJECTS (2010 saleable output targets)

1Q10 : 6.0 Mt2010e : 23 Mt

Kalimantan

Bunyut Port

INDOMINCO 13.2 Mt

Bontang Coal Terminal

Project update:

BoCT Expansion: CBU is fully

y

KITADIN-

TRUBAINDO 6 Mt Samarinda

Captive Coal-fired power project

p ycommissioned; implementing Stage 3 expansion

Bontang Po er Plant Commissioning is

Balikpapan

Palangkaraya

Central Kalimantan

KITADINEMBALUT

1.6 MtBHARINTO

0.2 Mt(Commissioning at

end 2010)

Bontang Power Plant: Commissioning is expected by mid 2010

Indominco Underground: Preparing to

g y

Banjarmasin

South Kalimantan

JORONG g p gseek operation approval from government

Bharinto: Procuring materials for crushing plant and building construction

JORONG 2 Mt

Jorong Port

OperationProject

OperationProject

POWER

COAL

plant and building construction

18

Indonesian quarterly output and SR analysis

STRIP RATIO (bcm/t) STRIP RATIO (bcm/t) STRIP RATIO (bcm/t)

15 3

STRIP RATIO (bcm/t)

W Block

COAL OUTPUT (Mt) COAL OUTPUT (Mt) COAL OUTPUT (Mt)

15.3

11.010.0

6.6 6.614.5

11.7

2Q09 3Q09 4Q09 1Q10

11.0 6.6

2Q09 3Q09 4Q09 1Q10 2Q09 3Q09 4Q09 1Q10

COAL OUTPUT (Mt)

7.6

3Q09

8.2

W Block

E Block

7.6

4Q09

9.0

14.56.9

7.3

14.5 8.8

1Q10

3.4Mt

COAL OUTPUT (Mt) COAL OUTPUT (Mt) COAL OUTPUT (Mt)

2.6Mt

3.3Mt

COAL OUTPUT (Mt)

0.6

3.7Mt

0.9

4.1Mt

3 1

1.0

1.4Mt1.3Mt

0.7Mt

1.3Mt

0.8Mt

0 4Mt0 3Mt

2.7 2.81.6Mt

0.8Mt

0 4Mt

3.1

1.3Mt

0 4Mt 0 4Mt

Indominco-Bontang

2Q09 3Q09 4Q09 1Q10 2Q10e

Trubaindo Jorong Kitadin Embalut

3Q09 4Q09 1Q10 2Q10e2Q09 3Q09 4Q09 1Q10 2Q10e

2Q09 3Q09 4Q09 1Q10

0.4Mt0.3Mt 0.4Mt0.4Mt 0.4Mt

Indominco-Bontang

CV: 6050 - 6500 kcal/kg

W Block production slightly higher than plan

Trubaindo

CV: 6550 - 7200 kcal/kg

Washing plant was completed and under

Jorong

CV: 5300 kcal/kg

Expect lower production in 2010

Kitadin - Embalut

CV: 5750 kcal/kg

Smooth production from good mine

Note: output figures are saleable coal

commissioning planningEast blockWest block 19

China coal operations in 1Q10

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

AVERAGE COAL PRICE

AVERAGE COAL PRICE

PRICE vs. COST (RMB/ t)644 667

622603

PRODUCTION COST

PRICE

PRODUCTION COST

PRICE

418285

499

505408

565

BEIJING

Gaohe (45%),Shanxi

6 MtCOAL OUTPUT (Mt ROM) COAL OUTPUT (Mt ROM)

279

1Q09 4Q09 1Q10 1Q09 4Q09 1Q10

285251

Daning (56%),Shanxi

4 Mt

1.16Mt

0.88Mt1.33Mt

0.32Mt0.34Mt0.36Mt 0.34Mt

0.98Mt

Daning

CV 6800 7300 K l/k

Hebi Zhong Tai Mining

CV 5300 6800 K l/k

Hebi (40%),Henan1.5 Mt

1Q09 4Q09 1Q10 2Q10e 1Q09 4Q09 1Q10 2Q10e

CV: 6800-7300 Kcal/kg

Banpu 56%

The railroad commenced operation and SAADEC began

l l th il d i

CV: 5300-6800 Kcal/kg

Banpu 40%

High average coal price in 1Q10 due to higher

t f PCI l l

OperationProject

OperationProject

POWER

COAL

* ROM productioncoal sales on the railroad in March 2010

percentage of PCI coal salesp

2020

3. Operational review

ii) Power business

21

Power Thailand : BLCP

1Q10 Q-QUnits: Bt. Million(100% b i ) 4Q091Q09 Y-Y

Total revenue

A il bilit P t (AP)

1Q10

5,022

2 482

Q-Q

56%

61%

(100% basis) 4Q09

3,214

1 538

1Q09

5,445

2 975

Y-Y

-8%

17%Availability Payment (AP)

Energy Payment (EP)

2,482

2,312

61%

62%

1,538

1,424

2,975

2,322

-17%

0%

Dispatch (%)

Operating cost

97%

2,523 21%

94%

2,079

94%

2,475 2%

EBIT

EBITDA

2,002

2,498

213%

120%Equity income

639

1,135

2,496

2,970

-20%

-16%Equity income

1Q10

Bt 997 m** Based on Banpu’s 50% interest;

including FX gain Bt172millionBt 997 m including FX gain Bt172million

22

Power China : BPIC in 1Q10

Sales* (USD m)

EBITDA (USD m)

Utilization (Hours)

Power tariff (RMB/kwh)

Coal price**(RMB/t)

LuannanHebei Province, PRCPower 100MW;

1Q09 12.1 4.2 1,676 0.45 577

4Q09 12.6 3.9 1,787 0.45 565

Higher sales from both power and steam helped

offset the higher coal priceSteam 128tph(Banpu 100% )

Zhengding

1Q10 15.3 4.7 2,156 0.45 59412.6 3.9 1,787 565offset the higher coal price

and raised EBITDA earning

Higher sales from both ZhengdingHebei Province, PRCPower 48MW;Steam 180tph(100%)

1Q09 10.1 3.5 1,894 0.37 597

4Q09 10.0 3.6 1,876 0.37 535

1Q10 11.8 4.0 2,072 0.38 627

Higher sales from both power and steam helped

offset the higher coal price and raised EBITDA

earning

ZoupingShandong Province, PRCPower 100MW;

1Q09 13.7 3.2 1,366 0.36 633

4Q09 21 8 5 3 2 369 0 36 673

EBITDA earning was dropped due to much

hi h l i hil t

earning

* Unaudited figures

Power 100MW;Steam 430tph(70%) 1Q10 16.2 3.0 1,557 0.36 801

4Q09 21.8 5.3 2,369 0.36 673higher coal price whilst lower revenue caused by

plant maintenance

Unaudited figures

** Including transportation (100% basis)

23

4. Commercial review

Philip GasteenHead of Marketing & LogisticsHead of Marketing & Logistics

24

Banpu average selling prices in 1Q10

Coal vs oil price relativityBanpu ASP

Rebased to 100

190

Monthly BJI

Monthly ASPUSD per tonne

Quarterly 400

WTI spot priceAPI#4 FOB Richards Bay

150

170

190 BJI

250

300

350 FOB Newcastle

$96 8 (+88%)As at May 28th

90

110

130Quarterly

ASP150

200

250$92.9 (+88%)$96.8 (+88%)

50

7050

100 $64.8 (+15%)

30Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10

ASP 1Q10 $66.3/t (+2% QoQ) BJI* May 27, 2010$97.5

0Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10

25

Thermal coal market analysis – 2Q 2010 update

RUSSIA

EAST ASIAJapan still down, but steel mills strong;Korea &Taiwan strong

Minor recovery of weakened Ruble

CHINAFaster import pace expected

ATLANTIC

Exceptionally depressed, gas prices rising

USAThermal supply remains very low

Korea &Taiwan strong recovery

REST OF ASIAC ti d th

COLOMBIADiverts coal to Asia, +/- 7mt already sold

Continued growth

INDONESIAM i l 2Q

INDIA

SOUTH AFRICAContinuing problems with rail

AUSTRALIAAvailability increasingly tight

y More rain early 2Q

High demand to ease as monsoon comes Jun-Sep

with rail

= Demand/Supply

= Demand

= Supply

26

Indicative 2010 coal sales

Coal sales contract and pricing status Comment Coal sales contract and pricing status

Of 2H tonnes, about 50% without fixed prices.

Contract Status Price Status

94%

Index linked sales is higher than in previous years. Of 2H tonnes, 32%.

Due to introduction of East Block and72%

Contracted Fixed

6%

Due to introduction of East Block and return of Kitadin Embalut, proportion of lower CV for 2010 rises

Cannot compare meaningfully 20096%6% Cannot compare meaningfully 2009 ASP with 2010 ASP, as composition changed.

20%2%

6%

UncontractedPrice under negotiation

UnpricedIndex

TARGET SALES 2010: c.23 Mt

27

Coal sales by geographic destination (ITM and Thai)

JAPANCoal sales 1Q10 (total 6 16Mt)

CHINA HONG KONG S.KOREA4 2Mt2 6Mt 1 3 Mt

2010 201020102010

(total 6.16Mt)

3M 09 6M 09 9M 09 2009 3M 10

0.1Mt0.4Mt

2.1Mt

0 1Mt 0.4Mt0.5Mt

ITALY

1.0Mt

0.6Mt

0.5Mt

3.2Mt4.2Mt2.6Mt 1.3 Mt

0.6Mt

1.5Mt 0.3Mt

0.3Mt 1.4Mt

3M 09 6M 09 9M 09 2009 3M 10

3M 09 6M 09 9M 09 2009 3M 103M 09 6M 09 9M 09 2009 3M 09

1.1Mt

INDIA

0.1MtITALY

0 3Mt0.5Mt

0.7Mt

1.4Mt

2010

20100.5Mt

3M 09 6M 09 9M 09 2009 3M 10

0.9Mt1.4Mt

1.7Mt TAIWAN

OTHERS*

0.3Mt

1 7Mt

2.6Mt

2.2Mt

2010

0.5Mt

0.1Mt

3M 09 6M 09 9M 09 2009 3M 10

3M 09 6M 09 9M 09 2009 3M 10

INDONESIA PHILIPPINES0.3Mt

0.9Mt

0.2MtTHAILAND

1.7Mt

0.6Mt1.0Mt

201020102010

0.5Mt

0.4Mt

*Includes small, non-regular purchasers

Mid-to-High CV

Low-to-Mid CV

3M 09 6M 09 9M 09 2009 3M 10

3M 09 6M 09 9M 09 2009 3M 10

0 3Mt0.6Mt

0.2Mt

0 4Mt

0.9Mt

0 3Mt

1.0Mt1.4Mt

1.0Mt1.5Mt

1.8Mt1.3Mt

2.1Mt

0.6Mt0.5Mt

283M 09 6M 09 9M 09 2009 3M 10 3M 09 6M 09 9M 09 2009 3M 103M 09 6M 09 9M 09 2009 3M 10

0.3Mt 0.4Mt0.3Mt2010 trend expectation

0.1Mt

China thermal coal market review

Comment Datong super mixed coal

End Mar 31 MayRMB

One-month maintenance of Datong-Qinhuangdao Railway since Apr. 1, suppressing domestic coal supply as the government launched a two-

1,025

1,000

1,200g p

(6,000 kcal/kg)

Shanxi super mixed coal

(5,500 kcal/kg)

(RMB) (RMB)

Datong 730 790

Shanxi 670 760

Common 418 478g

month safety inspection on coal production of all coal mines, which would affect output of operational coalmines and postpone production f l b ilt l i

762787

714

608

734

648 741

952

698 635

800

Common mixed coal

(4,000 kcal/kg)

of newly built coalmines

Severe drought in southwest China increasing demand for thermal power, power plants will soon start

608602605530

495485514

676

577567571

678698

598

485453445469

474458

381358361

427

635

453

425

344400

600

p , p ptheir power coal reserve for the peak season in the summer

Decreasing supply and increasing d d ld h l i

358361344330319329

200

400

demand would push up coal prices

01Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q102Q10e

29Source: www.sxcoal.com/cn 31 May 2010

5. Financial review

Somruedee SomphongChief Financial OfficerChief Financial Officer

30

Sales revenues

Units: Bt. million

(951)17,428(510)

(951)

(400)+6 (23) 15,251(54)

17,428

(245)

13,624

-12%Q Q

+12%Y on Y

Q on QTemporary suspension of Jorong mine

Lower selling price

Lower sale volume b 11% Q Q

Lower selling price by 6% QoQ

1Q09 Indominco JorongTrubaindo Coal Thailand

4Q09 1Q10BPIC

by 11% QoQ

OthersKitadinEmbalut Thailand-Embalut

31

Average gross margin for coal in 1Q10: 45%

Bt 9,117 M

Bt 8 166 M Coal sales

Bt 7,891 M

Bt 8,166 M Coal sales (Bt millions)

Bt 3,813 M

Bt 4,506 M

Bt 3,996 M

55%42%

60%54%

51%Bt 1,091 M Gross

41%

Bt 977 M

Bt 605 M

%36%

Bt 691 M

38%Bt 35 M Bt 21 M Bt 27M

margin (%)

47%

Bt 733 M

49%

1Q09 4Q09 1Q10

Indominco1Q09 4Q09 1Q10

Trubaindo1Q09 4Q09 1Q10

Jorong

35% 38%

1Q09 4Q09 1Q10

Thai mines

-28% 7%

4Q09

Kitadin1Q10

3%

3232

Consolidated EBITDA

Units: Bt. million

7,0807,080

3,686

5,405+1,087

(855) +234+303 +523 (27)

+577 (123)

+47%Q on Q

, (855) 234303 523

-24%Y on Y

Q on Q

Power Bt1,562m+229% Q on Q+7% Y on Y

• Higher equity income from

Coal Bt3,843m+20% Q on Q-32% Y on Y

Coal sales revenue d d 13% Q Q

Higher equity income from China Coal

BLCP• Dividend

from Ratch

Gross profit

SG&A Equity OtherIncome

D&A 1Q10RoyaltyI

EBITDAOtherexpenses

4Q091Q09

decreased 13% QoQ

profit Income coalIncomeChina Coal

Powerexpenses

33

Consolidated net profit

Units: Bt. million

4,798

2,717+387

+754+76

(913)

(276)

+1,041+7

+66%Q on Q

Loss from financial

1,641-43%Y on Y

Q on Q

Power Bt1,265m+464% Q on Q+11% Y on Y

derivatives, mainly coal swaps

Strengthening of THB against USD

Coal Bt1,452m+2% Q on Q-60% Y on Y

THB against USD

• Higher equity income from BLCP

• Dividend from Ratch

EBIT4Q091Q09 1Q10FXFinancial Non-Tax Net ProfitMinority

Dividend from Ratch

charges recurring PowerMinority

34

Capital expenditure plans 2010-2015 (total c.$466 M)

INDICATIVE ONLYHebi

$ 5 MUnits: USD million

CHINA: $22 M

Gaohe $ 17 M

CHINA: $22 M

Tandung Mayang

$

Others$14 MHong Sa

$ 255 M

Trubaindo UG $ 11 M

Embalut$ 11 M

$ 8 M $14 M$ 255 M

E BlockBharinto$ 38 M

$ 11 MLAOS: $255 M**Note: $255M is for 2014-15 only and is part of total estimated E Block

Conveyor $ 96 MIndominco UG

$ 11 M

$ 38 Mand is part of total estimated Banpu capex on Hongsa project of approx. $400 M

35The capital expenditure figures shown above do not include estimates for maintenance or sustaining capital expenditure.

INDONESIA: $189 M

35

Balance sheet

Debt structureNet D/E (Times)

Net gearing (%)

0.66 Fixed 36%

0 130.16

0.36

0 14

0.34Floating 64%

0.130.14

2005 2006 2007 2008 2009 1Q10 As end of March 2010

25%

40%

12%26%

12%14%

2005 2006 2007 2008 2009 1Q10

91

As end of March 2010

* Net gearing = ND / (ND+E)

3636

Dividend payments

Dividend per share (Bt)

5

8

5

812

8 5

(Special) (2H09)

88.57.57.55.5

(1H09)

2004 2005 2006 2007 2008 2009

3737

Questions & AnswersQuestions & Answers

3838

APPENDICES

3939

Operating profit

Units: Bt. million 1Q10 QoQ% YoY%

15,251 -12% 12%Total sales revenues*

1Q09

13,624

4Q09

17,428

Sales revenues – Power (BPIC) 1,423Cost of sales (8,759)

Sales revenues – Coal 13,613 -13% 10%-4% 12%1,269

(6,451)

12,3441,477

(10,051)

15,713

Gross profit* 6,492 -12% -9%Gross profit - Coal 6,125 -12% -10%Gross profit – Power (BPIC) 338 -8%

7,1736,835

329 3%

7,3766,979

367

GPM 43%Gross profit Power (BPIC) 338

GPM P (BPIC) 24%GPM - Coal 45%

8%53%

26%55%

3%42%367

2 %44%

Note: * Including other business

GPM – Power (BPIC) 24% 26%25%

4040

Operating profit

Units: Bt million 1Q10 QoQ% YoY%1Q094Q09Units: Bt. million

Gross profit 6,492 -12% -9%GPM 43%

1Q10 QoQ% YoY%

7,17353%

1Q09

7,37642%

4Q09

SG&A (1,515)Royalty (1,647)

Di id d i C l & P 250Income from associates 2,042

(1,148)(1,548)

2392,057

(1,820)(1,881)

703Dividend income – Coal & Power 250 Other income 71

EBIT 4 915 57% 25%Other expenses - Operations (778)

239 86

6 558(300)

-98

3 121(1,355)

EBIT 4,915 57% -25%

EBITDA 5 405 47% 24%

EBIT - Coal 3,452 28% -34%EBIT - Power 1,463 245% 8%

6,558

7 080

5,2071,351

3,121

3 686

2,697424

EBITDA 5,405 47% -24%EBITDA - Coal 3,843 20% -32%EBITDA - Power 1,562 229% 7%

7,0805,6231,457

3,6863,211

475

414141

Net profit

U it Bt illi YoY%1Q10 QoQ%1Q094Q09Units: Bt. million

EBITInterest expenses (272)

YoY%1Q10 QoQ%

4,915 57% -25%(348)

1Q09

6,558(289)

4Q09

3,121p ( )

Financial expenses (52)Income tax (core business) (864)Minorities (527)

( )(31)

(1,591)(937)

( )(55)

(927)(914)( )

Net profit before extra items 3,201

Non-recurring items* (117)N t fit b f FX 3 083 30%

-12%

78%

242%

( )3,650

4 411

( )935

7961 731

760Net profit before FX 3,083 -30%

FX translations (366)Net profit 2,717 -43%

78%

66%

4,411

3874,798

1,731(90)

1,641EPS (Bt/share) 10.00

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

17.656.04

4242

Banpu’s Resources & Reserves statement (100% basis)

Mine operation and

j t

Interest(%)

As at 31 March 2010 As at 31 December 2009

Measured Indicated Total Proved Probable Total Total Totalproject Measured Resources

Indicated Resources

Total Resources

Proved Reserves

Probable Reserves

Total Reserves

Total Resources

Total Reserves

Mine operationJorong 73.48 133.85 12.4 146.3 7.8 - 7.8 146.6 8.2Indominco 73.71 584.14 155.3 739.4 94.5 37.3 131.8 743.1 135.5Kitadin 73.71 114.2 51.5 165.7 7.8 18.0 25.8 166.1 26.1Trubaindo 73.71 216.0 78.9 294.9 53.8 22.9 76.7 296.5 78.3Lampang 100.00 1.2 - 1.2 - - - 1.2 -Payao 100.00 0.2 - 0.2 - - - 0.2 -Daning 56.00 147.4 45.7 193.1 44.4 47.3 91.7 194.1 92.7Hebi* 40.00 61.4 - 61.4 28.5 - 28.5 61.8 28.8ProjectBharinto 72.98 183.5 114.5 298.0 9.8 36.5 46.3 298.0 46.3Gaohe 45.00 255.7 116.9 372.6 71.5 119.1 190.6 372.6 190.6

Total 1,697.6 575.22 2,272.8 318.1 281.1 599.2 2,280.2 606.5

4343

Note: figures have been estimated in accordance to JORC Code unless otherwise stated* Figures have been estimated in accordance to Chinese reporting standard

43

Coal reserves by operation and project (100% basis)

44 47Daning Proved reserves

Probable reserves

R (M d & I di t d)

193CHINA

Unit: Mt

28

72 119

Hebi

Gaohe

Resources (Measured & Indicated)

61

373

Resources: 627Reserves: 310

0

Lampang

Payao

1

0

THAILANDResources: 1

0

94

54

37

23

y

Indominco

Trubaindo

739

29554

8

23Trubaindo

Jorong

295

146INDONESIA

Resources: 1,644Reserves: 289

8

10

18

37

Kitadin

Bharinto

166

298

4444As at 31 March 2010

44

Banpu Coal Resources & Reserves Statement

100% basis As at 31 March 2010

575 MtNotes: Reporting generally in accordance with JORC Code plus some internal estimates. Major changes audited by independent experts.

INDICATED

381 Mt Equity tonnage

100% basis As at 31 March 2010

* Only Measured and Indicated Coal Resources

1,698 MtMEASURED

PROBABLE164 Mt 281 Mt

PROVED318 Mt

1,130 Mt

196 Mt

164 Mt

RESOURCES*2,273 Mt (100% basis)

RESERVES599 Mt (100% basis)

454545

Coal reserves by operation and project (equity basis)

25 26Daning Proved reserves

Probable reserves

R (M d & I di t d)

108CHINA

Unit: Mt

11

32 54

Hebi

Gaohe

Resources (Measured & Indicated)

25

168

Resources: 300Reserves: 149

Lampang

Payao

THAILAND

70

39

27

17

y

Indominco

Trubaindo

545

217INDONESIA 39

6

17Trubaindo

Jorong

217

108

Resources: 1,210Reserves: 212

6

7

13

27

Kitadin

Bharinto

122

218

4646As at 31 March 2010

46