2Q15 results

investor and analyst update

14th August 2015

2

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 Public Company Limited. 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.

3

Financial summary

Power business Coal marketing

Coal operations

Focus: Banpu Power growth update

5 4 3 2 1

Looking forward 6

4

Banpu Power profile update agenda

Banpu’s power portfolio

Hongsa progress

Power assets in China

Japan solar

Banpu Power looking ahead

5

Japan solar 4 MW

Banpu Power asset portfolio

*Power capacity is derived from the capacity of power and steam combined in MW equivalent **As of 14th Aug 2015 Note : Banpu effective ownership - Hongsa (40%), BLCP (50%), Luannan and Zhengding (100%), Zouping (70%), SLG (30%), Japan solar (40-75%)

CHINA

Luannan 123 MW*

Zhengding 139 MW*

Zouping 180 MW*

Hongsa (COD 2015-16) 1,878 MW

LAOS

BLCP 1,434MW

SLG

(COD 2017)

1,200 MW

Mukawa

(COD 2016) 17 MW

All capacity presented on 100% basis

Nari Aizu

(COD 2018) 20 MW

Olympia 10 MW

Hino

(COD 2016) 3.2 MW

Awaji

(COD 2016) 8.4 MW

Project coal-fired

Operational coal-fired

Project Solar

Operational Solar

THAILAND

0.4

0.5

1.0

1.4

2.3

Power capacity (GW equity)

TECO 266 MW

COCO 103 MW

2000

Ratch 543 MW

2005

SLG 360 MW

Japan solar 37 MW

BLCP 717 MW

BIC 424 MW*

2018e (Committed) Hongsa

751 MW

BIC 327 MW*

2010 BLCP 717 MW

Hongsa 250 MW

BLCP 717 MW

2015**

BIC 388 MW*

DISCLAIMER The views, information and indications expressed here including forward looking targets and indications are illustrative only, are subject to change, may be based on incorrect assumptions, and have not

been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed here. This slide should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

6

97%

94%

100%

99.2%

99.9%

96.6%

PROGRESS*

Power plants

Ash and gypsum

handling system

Transmission line

and substations

Mining works

Infrastructure

works

Social

development

0%

0%

0%

0%

0%

0%

Hongsa: 97.8% complete*

*As of June 2015

Power plants

Transmission line and substations

7

97%

94%

100%

99.2%

99.9%

96.6%

PROGRESS*

Power plants

Ash and gypsum

handling system

Transmission line

and substations

Mining works

Infrastructure

works

Social

development

0%

0%

0%

0%

0%

0%

Hongsa: 97.8% complete* (continued)

*As of June 2015

Conveyor line Coal/soil crusher Stock yard Stacker

Main road from country border Nam Ken Dam

Ban Homexai Ban Homesawang

Mining works

Infrastructure works

Social development

8

Hongsa: mine in operation

Coal/soil crusher

East

overburden zone

Nam Ken Dam

Nam Louk Dam

West

overburden

zone East lake

Main pit

Overburden Conveyor line

Overburden crusher

Coal crusher

Coal stockyard

Stock yard

Area: 272,000 m2

Max. stock: 0.75 mt reserved for 15 days

Coal stacker Conveyor line

Overburden flow Coal flow

9

Hongsa: performance and reliability testing

Comments

Extensive testing process conducted by Hongsa and 3rd parties (e.g. EGAT) to ensure reliability

Capex lower than budget so far

Unit 1 is now in operation

Passed all tests on PPA, performance and reliability

Unit 2 and Unit 3 are on schedule

NOV 14 Acid clean

DEC 14 Steam blow

FEB 15 Start-up with oil

FEB 15 1st network synchronization

MAR 15 Start up with coal & PPA test

MAY 15 Performance test start

MAY 15 Reliability and trial run test start

JUL 15 Reliability test complete

FEB 15 Start-up with oil

JUN 15 COD

Alkaline clean

Unit 1

OCT 14

10

Hongsa: experienced EPC and equipment partners

CNEEC

Experience in international EPC services, engineering design and project management

Completed >100 power projects and >1,000 other projects

Other experience EPC experience

HARBIN GROUP

Equipment provider of Luannan

Projects in >20 countries, with total installed capacity of c. 30,000MW

Exported products to >50 countries. Its main markets include Southeast Asia, South America and Africa.

Other experience

Coal-fired experience

Indramayu (Indonesia, 2011) 2x330 MW

Awar-awar (Indonesia, 2012) 2x350 MW

Sumsel 5 (Indonesia, 2015) 2x150 MW

Banjarsari (Indonesia, 2012) 2x110 MW

Paiton (Indonesia, 2007) 1x660 MW

Tuas (Singapore, 1998) 2x600 MW

Qitaihe (Helongjiang, 2001) 2x350 MW

Shunde Desheng (Guangdong, 2008) 2x300 MW

Cao Ngan (Vietnam, 2004) 2x50 MW

Mariveles (Philippines, 2013) 2x300 MW

Kureyka (Russia, 2010) 1x600 MW

Jharsuguda (India, 2012) 4x600 MW

Dengfeng (Henan, 1994) 2x50 MW

Hancheng No2 (Shanxi, 2005) 2x600 MW

Tuoketuo (IM, 2005) 2x600 MW

Mahan (India, 2007) 2x600 MW

Salaya (India, 2007) 2x600 MW

Tavazon (Iran, 2000) 2x55 MW

Seyitomer (Turkey, 2010) 2x600 MW

Morupule B (Botswana, 2013-14) 4x150 MW

11

Hongsa: social development

ECONOMIC DEVELOPMENT

Currently >3,000 families employed

Increased resettlers’ income to 150% over baseline in most areas

COMPENSATION

New houses in residential area (450 sq. m./household)

Cash compensation and household account training

New farms (2 ha/settler), with provision of budget for preparation

LIVELIHOOD IMPROVEMENT

Utilities: farm access road, piped water supply & irrigation, shared electricity, bus station and police box

Capacity building: learning center, cooperatives & market place, training courses

Health and education: schools, hospital & medical equipment and health check with database management

PHYSICAL

RELOCATION

Relocated 450 households of 5 villages to resettlement areas

Arranged health check before relocation

INCOME RESTORATION

Capacity building

Provided budget for plantation

COMMUNITY DEVELOPMENT

Constructed public facilities and infrastructure

Built primary and secondary schools

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Road to farmland Pipeline installation

Primary school Secondary school

Chili cultivation Market place

12

20.1 15.9

9.4

18.8

26.1 27.0

593

745 804 682

566 471

2009 2010 2011 2012 2013 2014

Banpu Power assets in China

Zhengding expansion completed, including additional chilled water unit to boost revenue during summer time

Luannan and Zouping have expansion potential as local demand continues to grow

Special niche in CHP market which can secure higher power dispatch due to:

- being the only heat source that supplies both industrial and residential heat demand

- generating both power and steam at the same time, therefore obtains

priority dispatch from the grid company

- obtaining strong local government support and recognition

With a strong local team and local experience, Banpu is able to maintain a consistent track record

Comments

Henan

Shaanxi

Liaoning

Jiangsu

Yellow sea

Luannan 100 MW 128 tph

Zouping 100 MW 450 tph

Beijing

Zhengding 73 MW

370 tph 35 MW

Hebei

Shandong

30%

Shanxi Lu Guang 1,200 MW

70%

(+25)

(+173)

(+35)

Equity capacity 603 MW

813 tph

Operational

Project

Steam

Power

Chilled water

BIC’S NET INCOME (U$ M) VERSUS COAL PRICE

BIC’s average

coal price

(RMB/t)

BIC’s

net income

(U$ M)

35 MW Capacity presented on a 100% basis

13

The Chinese power market compared

No wholesale market

No retail competition

Price/dispatch regulated but also reflect supply/demand and cost (coal-power tariff linkage policy)

No wholesale market

No retail competition

Regulated

Predictable rate of return

Investment through PPA

Mostly private

Power sold through power exchanges

Retail market are competitive

Limited intervention

Price/return driven by supply/demand and marginal cost

Buyer Seller Buyer Seller Seller Buyer

CHINESE MARKET APPROVAL-ORIENTED

“SINGLE BUYER MARKET”

e.g. Thai IPP and Japan solar

MERCHANT INVESTMENT

“MARKET – DRIVEN”

e.g. Australia and Europe

Fuel risks Demand risks Finance risks Operational risks

14

BIC strategy and performance

Higher power dispatch from heat determined power policy as a result of being the only heat source in the area

With heat load, CHP* average efficiency is higher than pure power plants

Integrated into local community as essential utility unit (heat source)

BIC’s competitive advantages

0

100

200

300

400

500

600

700

800

0.32

0.34

0.36

0.38

0.40

0.42

2006 2007 2008 2009 2010 2011 2012 2013 2014

Tariff (RMB/kwh)

(LHS)

Coal price (RMB/t)

(RHS)

Coal price versus tariff rate – Zhengding

China’s average utilization hour

ZD

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2010 2011 2012 2013 2014

BIC’s utilization versus industry

ZP (1)

LN

Hour

*Combined Heat and Power (1) ZP utilization hour dropped in 2013 was due to short term lower steam load

Source: China Electricity Council, nationwide coal-fired operating hour/year

15

Shanxi Lu Guang update

*Development and Reform Commission

**State-owned enterprises

Power plant Finance Project approval

2013

2014

2015

2016

2017

Other approvals: water, land and EIA

Preliminary

approval

by Shanxi

Provincial

DRC*

Final

approval

by Shanxi

Provincial

DRC*

JV formed

Weather monitoring for air cooling

COD 1st unit

Construction and commissioning

Design and procurement

COD 2nd unit

Comments

SLG has competitive fuel cost (nearby coal mines e.g. Gaohe), high efficiency, and partnerships with strong SOEs **

17 out of 20 approvals obtained

Remaining approvals: EIA report, Social Stabilization Risk Assessment, and final approval from Shanxi Provincial Development and Reform Committee (DRC). Grid connection will be obtained after final project approval.

1st equity injection of RMB 50 m (RMB 15 m by Banpu) in Mar 2015.

2nd capital injection of RMB 150 m (RMB 59 m by Banpu)

Preparations are underway to begin construction.

Equity drawdown

Debt drawdown

30% Equity

70% Debt

Banpu’s contribution c.US$ 74 M

DISCLAIMER The views, information and indications expressed here including forward looking targets and indications are illustrative only, are subject to change, may be based on incorrect assumptions, and have not

been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed here. This slide should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

16

Japan solar: first step

*Banpu effective ownership is between 40-75%

Hino

(COD 2016)

3.2 MW

Awaji

(COD 2016)

8.4 MW

Mukawa

(COD 2017)

17 MW

Nari Aizu

(COD 2018)

20 MW

Olympia

10 MW Tokyo

Japan solar portfolio

58.6 MW (100%) 36.9 MW equity*

20-year PPA, ¥36-40/kwh tariff (c.¢29-32/kwh)

Average capex of c.US$ 3.5m/MW

In process of adding additional capacity

Construction phase

Operation phase

Development phase

Hokkaido

Honshu

Shikoku Kyushu

17

Japan solar: investment rationale S

TR

AT

EG

IC F

IT

RE

GU

LA

TIO

NS

R

ISK

S

FIN

AN

CIN

G

EC

ON

OM

ICS

Shorter development time and less time to first cash flow generation, which complements coal-fired projects with longer development time

Banpu’s project development and financing skills add value to the project

Transparent regulatory framework

Clear feed-in tariff and PPA life framework

Developed technology

Experienced EPC

Low country risks

Non-recourse project finance

Well supported by Thai and Japanese banks

Economic return

Shorter payback period

18

Banpu Power: looking ahead

Note: Banpu effective ownership - Hongsa (40%), BLCP (50%), BIC (100%), SLG (30%), Japan solar (40-75%)

SLG

1,200 MW

Hongsa

1,878 MW

BLCP

1,434 MW

BIC

273 MW

948 tph

Luannan and

Zouping

expansion

Operation

Japan solar

59 MW

Capacity presented on a 100% basis

Considerations : Strategy fit Regulations Risks Financing Economics T

hailan

d

Oth

er

AS

EA

N

Oth

er

Asi

a-P

ac

Gre

ate

r

Me

ko

ng

Philippines

Indonesia

India

China

China

India

Biomass

Wind

Solar

Myanmar

Laos

Vietnam

Cambodia Laos

DISCLAIMER The views, information and indications expressed here including forward looking targets and indications are illustrative only, are subject to change, may be based on incorrect assumptions, and have not

been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed here. This slide should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.