2019 Guidance www.bayan.com.sg

2019 Guidance www.bayan.com.sg

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Executive Summary

The Group continues to expand its production and sales volumes on the back

of the successful expansion achieved in 2018.

Total production is Budgeted to be in the range of 32 to 36 million MT with sales anticipated to be in the range of 33 to 37 million MT.

ASP is anticipated to drop to be in the range of US$ 46-48/MT based on the benchmark reference price (NEWCASTLE) being on average US$ 90/MT for 2019.

Revenue forecast to be between USD 1.5 billion to USD 1.8 billion.

Cash costs anticipated to be in the range of US$ 32-34/MT (include COGS, Royalties and SGA).

EBITDA forecast to be between USD 400 million to USD 600 million.

Capex is Budgeted to be in the range of US$ 100 to 130 million.

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Overburden Removal Volume (OB)

Overburden Removal

(million BCM)

(million BCM)

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FY19 Overburden Removal volume is

Budgeted to increase principally due to the

increased production at Tabang and the

mine developing such that the stripping

ratio has increased.

96

41 33

85

139

160 - 180

2014 2015 2016 2017 2018D 2019B

Quarterly Overburden Removal

2018D

Gunungbayan Pratamacoal - Block II 6

Perkasa Inakakerta 10

Teguh Sinarabadi / Firman Ketaun Perkasa 48

Tabang Concessions 60

Wahana Baratama Mining 15

Total 139

(in million BCM)

21 to 25

160 to 180

2019B

OB

4 to 8

7 to 11

42 to 46

86 to 90

37-42 39-44 43-48 41-46

1Q19B 2Q19B 3Q19B 4Q19B

D : Draft figures which are unaudited figures

Coal Production

Coal Production

(million MT)

(million MT)

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FY19 Production Volume is anticipated to

increase primarily due to the increase in

production at Tabang as BUMA

commences its first full year of operations

at Tabang.

Quarterly Coal Production

8 - 9 8 - 9 8 - 9 8 - 9

1Q19B 2Q19B 3Q19B 4Q19B

2018D

Gunungbayan Pratamacoal - Block II 0.5

Perkasa Inakakerta 1.2

Teguh Sinarabadi / Firman Ketaun Perkasa 3.6

Tabang Concessions 24.8

Wahana Baratama Mining 1.2

Total 31

26.6 to 29.3

0.3 to 0.5

0.9 to 1.2

3.0 to 3.4

1.2 to 1.6

(in million MT)

32 to 36

2019B

Coal Production

10 11 10

21

31

32 - 36

2014 2015 2016 2017 2018D 2019B

D : Draft figures which are unaudited figures

Weighted Average Strip Ratio (SR)

Weighted Average Strip Ratio

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FY19 Weighted Average Strip Ratio is

Budgeted to increase slightly, primarily

due to higher stripping ratios at Tabang as

the mine starts to develop operations to

be more in line with its Life of Mine

stripping ratio.

10.0

3.8 3.4 4.1 4.5 4.5 – 5.0

2014 2015 2016 2017 2018D 2019B

4.5 – 5.0 4.5 – 5.0 4.5 – 5.0 4.5 – 5.0

1Q19B 2Q19B 3Q19B 4Q19B

2018D

Gunungbayan Pratamacoal - Block II 12.7

Perkasa Inakakerta 7.5

Teguh Sinarabadi / Firman Ketaun Perkasa 13.5

Tabang Concessions 2.5

Wahana Baratama Mining 12.6

Total 4.5 4.5 to 5.0

2019B

Weighted Average SR

14.0 to 15.0

7.5 to 8.5

13.0 to 14.0

2.8 to 3.5

15.0 to 16.0

Weighted Average SR (:1)

Quarterly Weighted Average SR

D : Draft figures which are unaudited figures

Cash Costs

(US$ / MT)

Average Cash Costs per MT(*) Sing Gas Oil Price(*)

(US$ / liter)

FY19 Average Cash Costs are anticipated to be in the region of US$ 32 to

34/ MT.

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*(1) Average cash costs include barging, royalty, and SGA

65

43

30 32 33 32 - 34

2014 2015 2016 2017 2018D 2019B

0.8

0.5

0.3

0.6 0.6 0.6

2014 2015 2016 2017 2018D 2019B* Published by Engie Singapore, including PBBKB and VAT

D : Draft figures which are unaudited figures

Cash Costs

(US$ / MT)

Cash Cost per Expense – 2018D (*) Cash Cost per Expense – 2019B

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Overburden and Mining, 37%

Transportation, 29%

Royalty, 9%

Employee Cost, 5%

Other Costs, 12%

Coal Purchase, 8%

D : Draft figures which are unaudited figures

(US$ / MT)

Overburden and Mining,

37%

Transportation, 27%

Royalty, 13%

Employee Cost, 5%

Other Costs, 9%

Coal Purchase, 9%

Coal Sales

Coal Sales Volume

(million MT)

(million MT)

Quarterly Coal Sales

Geographic Distribution – 2018D

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Japan

12 9

13

21

28

33 - 37

2014 2015 2016 2017 2018D 2019B

8 - 9

9 – 10

7 – 8

9 – 10

1Q19B 2Q19B 3Q19B 4Q19B

D : Draft figures which are unaudited figures

FY19 Budgeted Sales Volume is

anticipated to be in the range of 33 to

37 million MT.

China, 11%

India, 19%

Indonesia, 19% Philippines,

16%

Korea,

15%

Malaysia,

11%

Others, 9%

Average Selling Price (ASP)

Quarterly Average Selling Price(*1)

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FY19 ASP is anticipated to be in the region of US$ 46 to 48/MT;

Based on the benchmark reference price (NEWCASTLE) being on

average US$ 90/MT in 2019 and with a continued weak market in the CV

4,200 GAR kcal/kg segment.

* (1) ASP includes coal and non-coal sales

(2) D : Draft figures which are unaudited figures

(US$ / MT)

45 - 48 45 - 48 45 – 48 45 – 48

1Q19B 2Q19B 3Q19B 4Q19B

70

52 43 53 59

46 - 48

2014 2015 2016 2017 2018D 2019B

Average Selling Price(*1,2)

Committed and Contracted Sales (2019)

As at end December 2018 committed and contracted sales were 26.5 million MT for 2019 with an average CV of 4,540 GAR kcal/kg.

2019 Fixed Price element with an

average CV of 4,428 GAR kcal/kg of US$ 41.2/MT.

Additional sales will be made as

progressive production targets are met throughout the year

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40%

60%

26.5 million MT

Fixed Price Floating Price

2019

Capital Expenditure (2019)

(US$ million)

2019 CAPEX

9

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Anticipated spend principally due to

progress on new 100KM Coal Haul

Road to Mahakam and Port Facilities.

Major other projects including:

• Asphalting and Upgrade of

existing 69KM Senyiur Coal Haul

Road.

• BCT Upgrade.

• Road Diversion at TSA/FKP.

• Completion of Barge loader 3 and

side dump 5 at Senyiur jetty

(Tabang).

100-130

Buildings & Infrastructure

Equipment and Machinery

Office Equipment Transportation Equipment

Tabang

Pakar

Mamahak

Appendix

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PT Perkasa Inakakerta PIK

PT Teguh Sinarabadi TSA

PT Firman Ketaun Perkasa FKP

PT Wahana Baratama Mining WBM

PT Fajar Sakti Prima FSP

PT Bara Tabang BT

PT Brian Anjat Sentosa BAS

PT Tanur Jaya TJ

PT Silau Kencana SK

PT Orkida Makmur OM

PT Tiwa Abadi TA

PT Sumber Api SA

PT Dermaga Energi DE

PT Bara Sejati BS

PT Apira Utama AU

PT Cahaya Alam CA

PT Mamahak Coal Mining MCM

PT Bara Karsa Lestari BKL

PT Mahakam Energi Lestari MEL

PT Mahakam Bara Energi MBE

Appendix

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Kangaroo Resources Limited KRL

PT Dermaga Perkasapratama DPP

PT Indonesia Pratama IP

PT Muji Lines Muji

PT Bayan Energy BE

PT Metalindo Prosestama MP

PT Sumber Aset Utama SAU

PT Karsa Optima Jaya KOJ

Disclaimer

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This presentation contains forward-looking statements based on assumptions and forecasts made by PT. Bayan Resources Tbk management. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and speak only as of the date they are made. We undertake no obligation to update any of them in light of new information or future events.

These forward-looking statements involve inherent risks and are subject to a number of uncertainties, including trends in demand and prices for coal generally and for our products in particular, the success of our mining activities, both alone and with our partners, the changes in coal industry regulation, the availability of funds for planned expansion efforts, as well as other factors. We caution you that these and a number of other known and unknown risks, uncertainties and other factors could cause actual future results or outcomes to differ materially from those expressed in any forward-looking statement.

Thank You

For more information, please contact :

investor.relations@bayan.com.sg 13

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