Vietnam's coal imports are projected to significantly increase to meet growing demand for coal-fired power generation. Indonesia is well-positioned to be a major supplier due to its large coal reserves and geographical proximity to Vietnam. While Indonesia has abundant coal resources, much of it is low-quality lignite that is fully committed to meet growing domestic demand. As Vietnam's demand for higher-quality coal increases, Indonesia's ability to meet demand will depend on developing more projects with bituminous and sub-bituminous coal.

1. INDONESIA: MEETING VIETNAM’S
FUTURE COAL REQUIREMENTS
3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014

2. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
DISCLAIMER
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3. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
INDONESIA: MEETING VIETNAM’S FUTURE COAL
REQUIREMENTS
Presentation Outline
• VIETNAM IMPORTS: HISTORY AND PROJECTIONS
• SOUTHEAST ASIAN COAL FLOWS - 2013
• ENERGY MIX
• SUPPLY AND DEMAND GROWTH HISTORY
• IMPORTS PROJECTION
• INDONESIA’S GEOGRAPHICAL ADVANTAGE
• LOGISTICS COST FORECAST
• PROJECTION FOR COAL SUPPLY
• SOUTHEAST ASIAN COAL RESERVES
• INDONESIAN COAL RESERVES AS OF 2013
• HIGH AVAILABILITY OF LIGNITE
• SUPPLY AND DEMAND IN EMERGING ASIAN COUNTRIES
• CHINA, INDIA, AND SOUTHEAST ASIA
• INDONESIAN COAL SUPPLY AND QUALITY
• INTRODUCTION TO ADARO
• CONCLUSIONS

4. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
SOUTHEAST ASIA – COAL IN THE ENERGY PICTURE
Coal Flows - 2013
As of 2013, Vietnam
remained a net
exporter, but for
how long?
2013
Net Exporter
Net Importer
44
M
t
13Mt
18 MT
PHILIPPINES
VIETNAM
THAILAND
23 MT
21 MT 12
MT
INDONESIA
419 MT 375 Mt
Exports
outside ASEANAustralia to
ASEAN: 9 Mt
Exports
to
ASEAN
MYANMAR, LAOS,
CAMBODIA
3
MT
MALAYSIA
Exportsto
China
Source: WoodMackenzie, 2014; China Coal
Resources, 2014; Salva, 2014; Adaro Research

5. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
VIETNAM IMPORTS: HISTORY AND PROJECTIONS
Vietnam Energy Mix
The Mix in 2013
Growth by Fuel (compared
to 2009)
•Coal : 2.9 GW
•Hydro : 6.7 GW
•Natural Gas : 0.1 GW
•Renewable : 0 GW
•Oil : -0.4 GW
Total Growth : 9.4 GW
(56%)
Source: WoodMackenzie, Coal Market Service, 2014

6. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
VIETNAM IMPORTS: HISTORY AND PROJECTIONS
Vietnam Supply and Demand Growth History
VIETNAM
• Increased coal fired
generation resulted in
domestic demand
growth of 7 million
tonnes since 2009, due
to new coal fired power
plants in northern
Vietnam.
• Consequently, by 2013,
Vietnamese coal
exports declined 26%
compared to 2009.
2013
Source: McCloskey, 2014; WoodMackenzie, Coal Market Service, 2014

7. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
VIETNAM IMPORTS: HISTORY AND PROJECTIONS
Future Vietnam Energy Mix
Source: WoodMackenzie, Coal Market Service, 2014
The Mix in 2030
Growth by Fuel (compared to 2013)
•Coal : 26.6 GW
•Natural Gas : 12.0 GW
•Hydro : 7.8 GW
•Renewable : 6.0 GW
•Nuclear : 2.0 GW
•Oil : 1.1 GW
Total Growth : 65.7 GW (217%)

8. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
VIETNAM IMPORTS: HISTORY AND PROJECTIONS
Coal Imports Projection
• Total Vietnamese production
will likely be flat over the next
decade, thereafter declining
year-on-year.
• By 2018 WoodMackenzie
expects Vietnam will be a net-
importer of coal.
• Adaro expects that
Vietnamese imports will reach
50 and 80 million tonnes by
2020 and 2030, respectively.
• Based on future Vietnamese
power projects, average
imported coal CV is expected
to range from 4500 GAR to
5000 GAR in 2020 -2030.
Source: WoodMackenzie, Coal Market Service, 2014; Adaro Research

9. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
VIETNAM IMPORTS: HISTORY AND PROJECTIONS
Vietnam Coal Supply and Demand Growth History
Source: McCloskey, 2014; WoodMackenzie, Coal Market Service, 2014
VIETNAM
?
2030• Vietnamese coal fired
generation is expected to
increase by 15x that of
2009. Vietnam coal
demand is expected to
increase by 6% CAGR.
• Exports are expected to
drop significantly in the
next 10 years.
• Despite Vietnam limiting
future exports domestic
supply will not meet
future demand.
CAGR=6.4%

10. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
VIETNAM IMPORTS: HISTORY AND PROJECTIONS
Indonesia’s Geographical Advantage
3days
10 days
South
Kalimantan
Australia
13days
Russia
South
Africa
17 days
• Australian and South African
coals need to be transported
much further than Indonesian
coal in order to reach southern
Vietnam.
• This logistics disadvantage will
remain crucial in the future,
making coal imports from those
origins arbitrage based.
• Indonesia, on the other hand, will
remain as a base supplier in spite
of price movements.
Southern
Vietnam
Source: AXS Marine, 2014

11. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
VIETNAM IMPORTS: HISTORY AND PROJECTIONS
Logistics Cost Forecast
Source: WoodMackenzie, Coal Market Service, 2014; AXS Marine, 2014
• Freight remains a key
competitive advantage for
Indonesian coals compared to
other exporting countries.
• FOB cost of Indonesian coal is
expected to grow at a slower
rate than other major coal
exporters in the next 20 years.
• The logistics advantage, coupled
with low FOB cost, consolidates
Indonesia’s position as the most
competitive coal producing
region to supply Vietnam in the
next two decades.

12. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
INDONESIA: MEETING VIETNAM’S FUTURE COAL
REQUIREMENTS
Presentation Outline
• VIETNAM IMPORTS: HISTORY AND PROJECTIONS
• SOUTHEAST ASIAN COAL FLOWS - 2013
• ENERGY MIX
• SUPPLY AND DEMAND GROWTH HISTORY
• IMPORTS PROJECTION
• INDONESIA’S GEOGRAPHICAL ADVANTAGE
• LOGISTICS COST FORECAST
• PROJECTION FOR COAL SUPPLY
• SOUTHEAST ASIAN COAL RESERVES
• INDONESIAN COAL RESERVES AS OF 2013
• HIGH AVAILABILITY OF LIGNITE
• SUPPLY AND DEMAND IN EMERGING ASIAN COUNTRIES
• CHINA, INDIA, AND SOUTHEAST ASIA
• INDONESIAN COAL SUPPLY AND QUALITY
• INTRODUCTION TO ADARO
• CONCLUSIONS

13. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
PROJECTION FOR COAL SUPPLY
Southeast Asian Coal Reserves
Source: BP, 2014; Indonesian Geological Agency, Ministry of
Energy and Mineral Resources, 2013; WoodMackenzie, 2014;
World Coal, 2014; Adaro Research
1.2 BT
1.0
BT
PHILIPPINES
VIETNAM
THAILAND
Southeast Asia Coal Reserves*
as per 2013 (in Billion Tonnes)
* Anthracite, Bituminous, Sub-bituminous, and Lignite
INDONESIA
• Within the ASEAN region,
Indonesia has been endowed
with plentiful coal reserves.
• Other ASEAN countries have a
much smaller reserve base.
• The region also has gas and oil
resources as well as access to
renewables
31.4 BT
0.3
BT
0.4
BT
MALAYSIA

14. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
PROJECTION FOR COAL SUPPLY
Indonesia Coal Reserves as of 2013
1
2
3
4
Source: Indonesian Geological Agency, Ministry of Energy and Mineral Resources, 2013; ICMA, 2013
• Indonesia has a large resource coal base, in close
proximity to the coast.
• However, most of the reserves are low-CV coals.
(in Billion Tonnes) Total
Total Reserves 31.4
Low Rank 12.0
Sub-Bituminous 17.5
Bituminous 2.5

15. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
PROJECTION FOR COAL SUPPLY
High Availability of Lignite
Source: WoodMackenzie, Coal Supply Service, 2014; Adaro Research

16. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
INDONESIA: MEETING VIETNAM’S FUTURE COAL
REQUIREMENTS
Presentation Outline
• VIETNAM IMPORTS: HISTORY AND PROJECTIONS
• SOUTHEAST ASIAN COAL FLOWS - 2013
• ENERGY MIX
• SUPPLY AND DEMAND GROWTH HISTORY
• IMPORTS PROJECTION
• INDONESIA’S GEOGRAPHICAL ADVANTAGE
• LOGISTICS COST FORECAST
• PROJECTION FOR COAL SUPPLY
• SOUTHEAST ASIAN COAL RESERVES
• INDONESIAN COAL RESERVES AS OF 2013
• HIGH AVAILABILITY OF LIGNITE
• SUPPLY AND DEMAND IN EMERGING ASIAN COUNTRIES
• CHINA, INDIA, AND SOUTHEAST ASIA
• INDONESIAN COAL SUPPLY AND QUALITY
• INTRODUCTION TO ADARO
• CONCLUSIONS

17. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
SUPPLY AND DEMAND IN EMERGING ASIAN
COUNTRIES
China and India Coal Supply
China
India
• Chinese domestic production
is expected to slow after
reaching 4 billion tonnes, while
domestic coal demand is
estimated to grow at CAGR :
3% (base : 2013) by 2030.
• China to remain as net
importer in the next 20 years.
• Indian domestic production to
reach > 1 billion tonnes by
2030, increasing more than
600 million tonnes from 2013.
However, domestic supply is
not expected to cope with
demand growth.
• India’s energy shortage to
raise imports.
Coal Demand - Imports
Coal Demand - Domestic
Source: WoodMackenzie, Coal Market Service, 2014

18. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
SUPPLY AND DEMAND IN EMERGING ASIAN
COUNTRIES
Other Southeast Asian Countries Coal Supply
• Additional capacity developments
are expected in Myanmar,
Thailand, Malaysia, Philippines and
Cambodia
• Expected growth of coal-fired
power from these countries is
around 88 GW by 2030 compared
to 2013
Thailand
Philippines
Source: WoodMackenzie, Coal Market Service, 2014; Salva, 2014; Adaro Research
Myanmar and Cambodia
Imports
Domestic
Malaysia
(in Million Tonnes)
Indonesia
Southeast Asia
(excluding Vietnam)

19. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
PROJECTION FOR COAL SUPPLY
Projection of Indonesian Coal Availability
Expected Increase of Indonesian Domestic Coal Demand by 2020
Source: WoodMackenzie, Coal Supply Service, 2014; Adaro Research
• Over the next 10 years
Indonesian domestic demand
to grow by approximately 64
million tonnes, only for PLN’s
Crash Program.
• Its expected that the majority
of new bituminous and sub-
bituminous coal project
developed in Indonesia will be
consumed domestically.
• Based on current reserve base
the majority of likely, probable
and possible projects will be
low rank coal : < 4500 GAR
• Average Indonesian export
Calorific Value to decline due to
increasing amount of low-rank
supply
Current Coal Production Rate: Domestic + Export
Expected Increase of Indonesian Domestic Coal Demand by 2030

20. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
INDONESIA: MEETING VIETNAM’S FUTURE COAL
REQUIREMENTS
Presentation Outline
• VIETNAM IMPORTS: HISTORY AND PROJECTIONS
• SOUTHEAST ASIAN COAL FLOWS - 2013
• ENERGY MIX
• SUPPLY AND DEMAND GROWTH HISTORY
• IMPORTS PROJECTION
• INDONESIA’S GEOGRAPHICAL ADVANTAGE
• LOGISTICS COST FORECAST
• PROJECTION FOR COAL SUPPLY
• SOUTHEAST ASIAN COAL RESERVES
• INDONESIAN COAL RESERVES AS OF 2013
• HIGH AVAILABILITY OF LIGNITE
• SUPPLY AND DEMAND IN EMERGING ASIAN COUNTRIES
• CHINA, INDIA, AND SOUTHEAST ASIA
• INDONESIAN COAL SUPPLY AND QUALITY
• INTRODUCTION TO ADARO
• CONCLUSIONS

21. Adaro Energy Mining Assets
21
Sumatra: Resources 75.03 Bt Reserves 13.22 Bt
Kalimantan: Resources: 85.25 Bt Reserves: 14.80 Bt
Indonesian Coal: Resources 160.65 Bt Reserves 28.02 Bt
Source: Ministry of Energy and Mineral Resources
12 billion tonnes of coal resources are attributable to
Adaro across 6 locations and 20 mining concessions, eight
of which are CCA and CCoWs and the remaining IUPs.
Adaro Indonesia:
Existing, South
Kalimantan
sub-bituminous
Resources 4.9 Bt,
Reserves 900 Mt
MIP: 75% stake
South Sumatra
sub-bituminous
Resources 288 Mt,
Reserves 254 Mt
BEE: 61.04%
stake South
Sumatra
sub-bituminous
Geological study
phase
IMC: 25% joint
venture with BHP
Central Kalimantan
Metallurgical coal
Resources 1.27 Bt*
33 44
55
66
11 33 44 66
BEP: 10.22%
stake with option
to acquire 90%
East Kalimantan
sub-bituminous
Resources 7.9 Bt
55
Balangan:
South Kalimantan
sub-bituminous
Resources 172 Mt
22
22
11
Due to additional drilling and updated
model, IMC increased resources to
1.27 Bt from 774 Mt.
Source: BHP Billiton Annual Report
2013, page 76-77
Note: Reserves and Resources numbers
stated above are before taking into
account AE’s equity ownership

22. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
OUR MODEL – INTRODUCTION TO ADARO
Focus on Four Product Ranges
COAL SPECIFICATIONS
Basis Unit
TUTUPAN WARA BALANGAN MIP
Typical Typical Typical Typical
Calorific Value GAR kcal/kg 4,900 – 5,050 4,000 4,400 4,300
Total Moisture ARB % 26 - 28 40 32.5 34
Ash ARB % 2.5 – 3.0 3 2.5 6 - 7
Sulphur ARB % 0.1 – 0.15 0.2 0.09 0.48
Volatile Matter ADB % 42 - 43 41 34 37
HGI - - 46 – 47 61 42 - 44 NA
Ash Fusion
Temperature
(reducing
atmosphere)
Initial
deformation
deg. C
0
C 1,140 - 1,150 1,150 1,100 NA

23. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
INDONESIA: MEETING VIETNAM’S FUTURE COAL
REQUIREMENTS
Presentation Outline
• VIETNAM IMPORTS: HISTORY AND PROJECTIONS
• SOUTHEAST ASIAN COAL FLOWS - 2013
• ENERGY MIX
• SUPPLY AND DEMAND GROWTH HISTORY
• IMPORTS PROJECTION
• INDONESIA’S GEOGRAPHICAL ADVANTAGE
• LOGISTICS COST FORECAST
• PROJECTION FOR COAL SUPPLY
• SOUTHEAST ASIAN COAL RESERVES
• INDONESIAN COAL RESERVES AS OF 2013
• HIGH AVAILABILITY OF LIGNITE
• SUPPLY AND DEMAND IN EMERGING ASIAN COUNTRIES
• CHINA, INDIA, AND SOUTHEAST ASIA
• INDONESIAN COAL SUPPLY AND QUALITY
• INTRODUCTION TO ADARO
• CONCLUSIONS

24. 3rd
Annual Emerging Asian Coal Markets, Vietnam 5 – 6 November 2014
CONCLUSIONS
1) Increased demand in coal fired power generation, as a percentage of the total
Vietnamese fuel mix, will consume growing amounts of domestic production,
consequently reducing Vietnamese coal exports.
2) Due to proximity, reserves and cost of production, Indonesia remains the most
competitive fuel supplier to meet Vietnamese demand growth.
3) Indonesian demand to consume much of the higher-rank domestic bituminous and
sub-bituminous coals : leaving low-rank lignite for export.
4) Vietnamese growth in the ASEAN region will compete for coal supply with Thailand,
Philippines and Malaysia.
5) Adaro is well position to bring on new coal developments suitable for consumption in
super critical and ultra-super critical designed power plants.