Company Presentation 1Q 2017

1

PT Toba Bara Sejahtra Tbk (

䇾

Toba

䇿

)

Company Presentation

April 2017

PT Toba Bara Sejahtra Tbk (

䇾

Toba

䇿

)

Company Presentation

Disclaimer

These materials have been prepared by PT Toba Bara Sejahtra Tbk (the “Company”).

These materials may contain statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. The Company has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances.

These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice.

Table of Contents

2

Company Profile

Performance Highlights

3

1

Strategy to Venture into Power

4

Performance Highlights

_{Performance Highlights}

 Location: Kutai, Kalimantan Timur

 Hak Guna Usaha (“HGU”) covers 8,633 ha, where 2,701 ha has been planted

 CPO mill ready for operation in 2016, with capacity of 30 tons FFB per hour

 GLP and MCL established in February 2016 and March 2017 respectively for development of steam (coal) fired power plant project (“CFPP")with capacity of 2x50 MW each

 25 year Power Purchase Agreement (“PPA”) through

Independent Power Producer (“IPP”) scheme with PLN as single offtaker

 TBE established in December 2016 for investment in

power generation business 5

Toba Bara Sejahtra In Brief

 Location: Kutai Kartanegara, Kalimantan Timur  Total Concession: 7,087 ha

 JORC-compliant proved and probable reserves of 147 MM tons and measured, indicated and inferred resources of 236 MM tons

 Coal brands with mid to upper range calorific values ranging from 4,700-5,800 Kcal/kg GAR

 Prime location provides operational cost edge to grow as a logistical & operational center for the area

Coal Mining

Plantation

Toba Bara Sejahtra(Toba) has 5 (“five”) subsidiaries engaged in:

Note:

1. PLN: PT Perusahaan Listrik Negara (Persero)

Ownership Structure

License

Area

Davit Togar Pandjaitan

PT Bara Makmur Abadi

PT Toba Sejahtra PT Sinergi Sukses Roby Budi Prakoso

Utama

61.79% 10.00% 6.25% 5.10%

PT Toba Bumi Energi (䇾TBE䇿)

Highland Strategic Holdings Pte. Ltd.

0.75%

• On 25th_{January 2017, PT Toba Sejahtra}(“TS”), the majority shareholder of PT Toba Bara _{Sejahtra Tbk}(“Company”) with 71.79%

divested majority 61.79% share ownership to new shareholder, Highland Strategic Holdings Pte. Ltd. (“HSH”) • HSH is a Singapore-based investment company, mainly focused in the energy sector

• With HSH and TS sharing the same business alignment, HSH is expected to add further value to the future development of the Company

6

*) Incl. Baring Private Equity as anchor investor

90.00%

20-year Production Operation Mining Permit (䇾IUP-OP䇿) expiring in December 2029

2,990 ha

IUP-OP extension was completed in March 2013 (First out of 2 extensions: in 2023, with tenor of 10 years each)

683 ha

13-year IUP-OP expires in December 2023

3,414 ha

Plantation permit of PT Perkebunan Kaltim Utama I (PKU) expires in 2036

IUP-P for downstream processing

8,633 ha (Right to Use Land)

GLP’s PPA with PLN(1)

for 25- year contract

~60 ha

MCL’s PPA with PLN(1

for 25- year contract

~60 ha

Off-take (“take or pay”) by PLN for 25 years Planted Area: 2,701 ha Off-take (“take or pay”)

by PLN for 25 years

Reserve

Reserves: 117 MT - JORC Resources: 156 MT - JORC

Reserve: 22 MT - JORC Resources: 37 MT - JORC

Reserves : 8 MT - JORC Resources: 43 MT - JORC

Strategic Mine Locations

Muara Berau

Muara Jawa Makassar Strait

~55 km (total ~120 km)

Balikpapan

Major city to north is less than 50 km

Adjacent locations for all

3 mines

Close proximity to jetty and transhipment point

of Muara Jawa Distance from pit to jetty, with closest one ~5 km and furthest ~25

km ~5 km

IM jetty

ABN jetty

Toba owns all infrastructures (coal processing plant, overland conveyors, and jetties), giving significant operating leverage vs other concessions in surrounding areas

25 km

TMU

IM

ABN

TMU

Overland & Barge Loading Jetty: Speed

of 1,800 TPH High Built CPP Cap

up to 10 Mn TPA Short Coal Hauling

Distance < 5km

Hauling Road to Connect with ABN

CPP Capacity : 6 Mn

Tons/Annum (TPA) Conveyor to Jetty

Short Coal Hauling Distance ~4km

Infrastructure & Operational Capabilities

Toba’s Concessions

ROM Stockpile 8

Note:PT Adimitra Baratama Nusantara (ABN) PT Indomining (IM)

9

Performance Highlights

1Q17 Performance

–

Higher ASP Supported Margins

Operational 1Q16 1Q17 Δ_%

Production Vol 1.5 1.1 (26.7)%

Sales Vol 1.4 1.1 (21.4)%

Stripping Ratio x 12.4 13.7 10.5%

Sales 63.6 62.7 (1.4)%

EBITDA(2) _{11.3 17.1 51.3%}

Net Profit 5.2 10.2 96.2%

Financial 1Q16 1Q17

46.8

NEWC Index 50.3 81.5 62.0%

ASP 57.2 22.2%

mn ton

EBITDA/Ton 8.3 15.7

Focused onprofitable production output based on mine plan through optimizationof :

 Infrastructure and connectivity sharing

(hauling road, coal processing plants (CPP), & jetties) among Group mines

 Joint mine plan between three adjacent mines and contractors(1)

 Competitive coal pricing driven by strong coal branding from consistency in scheduled

delivery/product quality and securing term contracts using mostly fixed price

 Diversified customer base and export market base through suitable mix between end-users and traders, and more evenly spread stable demand markets respectively

Note:

(1) As per September 2016, all three Group mines of ABN, IM, and TMU have mining contracting cooperation with Cipta Kridatama (CK) to improve further cost efficiency through economies of scale and better mine planning (2) EBITDA = Gross Profit –selling expenses –G&A + depreciation and amortization

EBITDA Margin 17.8% 27.3% US$/ton

FOB Cash Cost US$ mn 34.8 36.9 6.0%

4,1 Mt

2010 2011 2012 2013 2014 2015 2016 2017 est.

Toba Consolidated NEWC Price

30,1% 32,9%

5,7% 13,9% 13,5%

15,4% 15,2% _marginStable

EBITDA Margin

Production Profile

11

Hauling road completed in May 2013 facilitated 2014

production ramp-up

Source: Coal price from GlobalCoal

Amidst the coal price volatility over the past several years and to sustain theCompany’s survival mode, Toba

Case study: Project

Execution

at TMU

Situation

Solution

 Seize dependence on 3rd _{party facility and}

look to internal integration via hauling road

construction to connect ABN and utilize IM’s

CPP and Jetty

 Construction initiated end-2012 and targeted

for completion June 2013

Achievement

 Hauling road was completed in May 2013,

ahead of schedule in June 2013

 Logistics cost fell translating to lower cash

cost

 Production ramp up became viable

2012-2013 Case Study: TMU

Ramp-Up in 2014

 TMU was unable to boost output due to

logistical disadvantage of dependence on 3rd

party facility and subject to high tariff

Production

(Mn tons)

8.1

6.5

5.6

0.2 0.9

8.1

Hauling road completed in May 2013

2012 2013 2014

TOBA 5.6 6.5 8.1

ABN 4.4 4.2 4.4

IM 1 1.4 2.3

TMU 0.2 0.9 1.4

Quarterly Operational Performance

Quarterly Production & SR

Production in Thousand Tons

Production Summary

MT: Million Ton

1Q16 1Q17 Change Comment

Sales Volume

Sales volume tracked its 1Q17 production volume

SR edged up due to impact from mining operations during prolonged wet weather conditions

1.5 1.1

Production volume in 1Q17 was below guidance due to prolonged wet weather conditions during the period

(26.7)%

Production Volume

Production Summary

MT: Million Tons

 Quarterly production volume of 1.10 mn tons in 1Q16 came in below 2017 quarterly guidance of 1.25 -1.50 mn tons

 1Q17 SR rose to 13.7x from 12.6x in 4Q16 due primarily to higher than expected wet weather conditions, which impacted production

 2017 guidance for SR is estimated at 12x - 13x in line with mine plan

13

1.505 1.469 1.565 1.529 1.501 1.269 1.387 1.353 1.091 12,4x 12,5x 12,0x 12,1x 12,4x 13,8x _12,8x

12,6x 13,7x

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

TOBA

Evolution of Quarterly FOB Cash Cost from 1Q13-1Q17

Quarterly FOB Cash Cost

In US$/ton

Notes:

(1) FOB Cash Cost = COGS including royalty and selling & marketing expense –depreciation and amortization

(2) Adj. FOB cash costs = COGS, including selling & marketing expense and royalty –depreciation & amortization of deferred exploration & development costs and excluding deferred stripping cost

Divergence between SR averaging at 12x - 13x and falling FOB cash cost reflect Toba operating within mine plan and more efficiently over time

14

12,7x 12,7x 13,5x

13,8x

12,5x

13,8x

12,4x 12,5x _{12,0x 12,1x} 12,4x

13,9x

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

Financial Performance

Notes: (1) FOB Cash Cost = COGS including royalty and selling expense –depreciation and amortization (2) EBITDA = Gross Profit –selling expenses –G&A + depreciation and amortization

ASP increased 22.2% y-o-y in 1Q17, while FOB cash cost only rose by 6.0% over the same period

Balance sheet position remains positive with stable cash holdings in 1Q17, while debt exposure fell due to partial loan repayment

SR edged up in 1Q17 due to higher than

normal rainy season, which impacted mining operation. 2017 production remains within guidance of 5- 6 mn tons

15 Gross profit margin, EBITDA margin, and operating margin strengthened y-o-y

resulting mainly from stronger ASP and disciplined cost management

Financial and Operational Highlights All figures are in million US$ unless otherwise stated

Balance Sheet 31 Dec 2016 31 Mar 2017 Changes

Balance Sheet

Consolidated Balance Sheet

In Million US$

Net Debt to EBITDA2)

In Million US$

 Total assets remained stable from US$ 261.6 mn as at end-Dec 2016 to US$ 260.7 mn as at end-March 2017,

while total liabilities dropped 7.1%over the same period due mainly to loan repayment

 Total equity value edged up by 4.8% to US$ 154.8 mn at March 2017 from US$ 147.7 mn at end-December 2016 due to increase in unappropriated earnings

 Net Debt to EBITDA ratio has constantly recorded stabilityfrom quarter to quarter at < 0.5x

Note:

(1) Restated due to compliance on PSAK 24R implementation

(2) EBITDA = Gross Profit –selling expenses –G&A + depreciation and amortization ₁₆

260.7

Total Assets 261.6 (0.3)%

Interest Bearing Debt 51.3 47.9 (6.6)%

Total Liabilities 113.8 105.8 (7.1)%

Shareholders Equity 147.7 154.8 4.8%

Balance Sheet Dec’161) _Mar’_{17 Changes}

Optimizing Selling Price & Product Quality

30 40 50 60 70 80 90 100 110 120

2012 2013 2014 2015 2016

NEWC ASP HBA

99% _{97% 96%}

63% 71%

1% 3% 4%

37% _29%

Traders End-users

 In 2013-2015, the spread between NEWC Index and ASP narrowed due to consistent product quality, on-time

product delivery, as well as marketing initiative of selling forward to premium traders/end-customers in Japan, Korea, Taiwan, and Malaysia at predominantly fixed price

 Using the same strategy in 2016 and having secured sales volume in 1H16 at fixed price, sudden jump in coal

price in 3Q16 and 4Q16 beyond market prediction was not reflected in the 2016 ASP

17

Notes:

HSis High Sulphur, max 2.0%, RSis Regular Sulphur, max 1.0%, LSis Low Sulphur, max 0.6% US$/ton

Spread between NEWC and HBA price widened significantly in last two

Diversified Export Market Base

Initiatives Undertaken:

Export Market Focus 2014-2016

 Given China’s economic situation in 2015, focus shifted towards export markets whose economies showed

stable demand prospects ie. Korea, India, Taiwan, and at later stages ASEAN ie. Thailand, Malaysia, and Vietnam

 Diversification towards countries ex.China remained a highlight for 2016

 In 1Q17 and going forward, ASEAN markets will play more important role in sourcing coal from its proximate

supplier ie. Indonesia

18

2014 2015 2016

China Korea India Taiwan

Mid to Upper Quality Product Composition

Initiatives Undertaken:

Product Composition (GAR) 1Q17

 Since 2014 until 2016, the 5600 GAR products have consistently accounted for the largest product contribution

at 50% - 70% of total sales volume

 In 1Q17, the product composition varied more evenly among 4800 -5000 GAR to 5600 GAR, and to less extent

5800-5900 GAR

19

Product Composition (GAR) 2014-2016

29%

2014 2015 2016 1Q17

5600 HS 5600 RS 5800 Others

28%

4800 & 5000

Snapshot of 2017F

Operation

Prod Vol (mn ton)

SR (x) 12x - 13x

5 - 6

2015

12.3x 6.1

NEWC Coal Price (US$/ton) 59.2 66.1

Mine Plan Execution and Cost Management Discipline

2017 production and SR are targeted similar to those in 2016 of 5 - 6 million tons and 12x - 13x respectively. The Company will also maintain cash cost level similar to that achieved over the last few years through cost management initiatives

Marketing Strategy

The Company plans to continue building well-diversified market destinations and customer base, maintaining product quality and timely delivery, as well as optimizing the current favorable coal price into the Company’s ASP

Capital Expenditure

Total CAPEX for 2017 is estimated at US$ 60 - 65 million, of which 85% - 90% will be allocated for EPC phase of the power project (Sulbagut-1), with the balance for the mining business, i.e. land acquisition, and infrastructure/heavy equipment

Sourcing of Other Power Projects

In translating the Company’s vision, the Company will continuously seek for opportunities in sourcing new power projects (fossil fuel and non fossil fuel based sources) through

participation in IPP tenders as well as through acquisition of existing power assets 20

12x - 13x 5 - 6

2017 F

65 - 70

2016 E

Building, Infra, Heavy Equip

21

Performance Highlights

_{Performance Highlights}

2

Strategy to Venture into Power

Expansion Strategy for Sustainable Growth & Value

22

2. Forward-Looking Expansion

Upstream Expansion

INTEGRATED MINING AND ENERGY COMPANY

Participate in PLN Open Tender Projects

1

Identify opportunity to develop captive Power Plant in Industrial Estate

2

Evaluate opportunity to enter Renewable-based

Power Business

3

Continuous

Operational

Efficiency

Improvement to

Sustain Margins

1. Existing Mines

Sustainability

Midstream Business

Diversification

Target coal mining company that can create synergy with TOBA coal mining assets

1

Target coal mining company with prospects to supply coal-fired

mine-mouth power plant

Rationale of Diversifying to Power Business

Mitigate Dependency on Commodity Price

Opportunity to Enter Midstream Industry in Power Generation

Capitalize on Toba Sejahtra Group’s Experience in Energy

Sector

 Current coal price has decreased by ~60% since January 2011

 TOBA decided to minimize dependency on coal price volatility by entering into power sector backed by stable revenue over 25 years

 35 GW Power Plant Program over next 5 years opens up opportunity for private sector to enter into power sector

 25 GW allocated for IPP translates to >50 tender project opportunities

 This is a rare window of opportunity to tap into IPP tender projects

 Toba Sejahtra group has two operating power plant companies

 Power industry is believed to be resilient to economic crisis

48GW

Global Coal NEWC - US$/ton

* Recently sold to a private buyer in 4Q 2016

24

Why Toba Can Realize this Goal?

 Extensive experience in executing project from greenfield to brownfield in coal mining, CFPP and gas-fired power plant development and operation

 Sulbagut-1 (2x50MW) - Power Purchase Agreement (PPA) with PLN was secured in July 2016 for the next 25 years after COD (in 2020). ~97% of land area required has been secured upfront

 Second 2x50MW Sulut-3 power project was secured on 7 April 2017 with expected COD in 2020 as well

 Our partner (Shanghai Electric Power Construction) in Sulbagut-1 Project is well established and vastly experienced partner with proven track records in construction and operation of power plants in many countries

 Having strong partners enable us to de-risk the construction phase of the projects

Substantial

Power-Related

Milestones

Have Been

Achieved

Experienced

Partners with

Proven Track

Record

 Currently, Toba Sejahtra (Toba’s Shareholder) has one operating power plant asset: 2 x 41 MW Senipah Gas Power Plant, COD in Q1-2015; and previously 2 x 15 MW Palu Coal-fired Power Plant, COD in 2007 (sold in 4Q16)

 Possessing vast learning curve of knowing what to and not to do in planning to execution of project management. This enables us to mitigate and minimize project risk

Leveraging

Toba Sejahtra

Toba Participation Process in IPP Tenders

IPP Tender Participation 2014-2015

• Toba has actively participated in PLN tenders including 6 IPP bidding projects initiated in 2014-2015. For gas-fired projects, Toba decided not to continue with the bidding process due to IRR calculation

• Going forward, Toba is targeting non-coal projects, including gas and renewables-based projects

25 Project Name Company Name Capacity

Toba

Stake (%) Status

Sulbagut -1 PT Gorontalo Listrik Perdana 2 x 50 80% Signed PPA in July 2016

Sulut-3 PT Minahasa Cahaya Lestari 2 x 50 90% Signed PPA in April 2017

Gas-fired Power Plant 1 x 500 5% Refrained from bidding process

Gas-fired Power Plant 1 x 250 5% Refrained from bidding process

Gas-fired Power Plant 1 x 100 24% Refrained from bidding process



PT Gorontalo Listrik Perdana (

“

GLP

”

) was established in February 2016 for the

purpose of Sulbagut-1 project



GLP is owned by consortium: PT Toba Bara Sejahtra Tbk (

“

80%

”

), and Shanghai

Electric Power Construction Co. Ltd (

“

20%

”

)

Sulbagut-1 Coal-Fired Power Project

Developer

Contract Type



_

Power Purchase Agreement (PPA) with PLN, signed on 14 July 2016

Independent Power Producer (

“

IPP

”

) scheme; 25-year Contract Period

Project Cost



US$ 210 - US$ 220 Mn

Progress

Project Profile



_

Coal-Fired Power Plant (

_{Location: Gorontalo Province, Sulawesi}

“

CFPP

”

), 2 x 50 MW capacity

Kalimantan

Sulawesi

Sulbagut-1

Toba Concessions

26



Land acquisition already

100% completed for main

plant and ash yard



Environmental hearing

completed on 18 May 2017



EPC and Owners

Engineers under finalization



Negotiation in progress with

Banks



PT Minahasa Cahaya Lestari (

“

MCL

”

) was established in March 2017 for the

purpose of Sulut-3 project



MCL is owned by consortium: PT Toba Bara Sejahtra Tbk (

“

90%

”

), and Sinohydro

Corporation Co. Ltd (

“

10%

”

)

Sulut-3 Coal-Fired Power Project

Developer

Contract Type



Power Purchase Agreement (PPA) with PLN, signed on 7 April 2017



Independent Power Producer (

“

IPP

”

) scheme



25-year Contract Period

Project Cost



US$ 210 - US$ 220 Mn

Commitment



MCL will undergo the

process of meeting

Commencement of Work,

Financial Date and

Commercial Operation Date

as stipulated in the PPA

Project Profile



_

Coal-Fired Power Plant (

_{Location: North Sulawesi Province, Sulawesi}

“

CFPP

”

), 2 x 50 MW capacity

Kalimantan

Sulawesi

Sulut-3

Toba Concessions

28

Mining EBITDA

Expected stable EBITDA from Mining Business FY2017-2020

40%-50%

50%-60%

FY2017 FY2018 FY2019 FY2020

 The power business will be the main core focus of the Toba group

 Mining business assumes stable international coal price, production, and cash cost until Power COD

 With 2 realizable power projects slated for 2017 pipeline totaling 200 MW plus existing mine plan, Toba’s FY2017-2020 EBITDA is expected to grow by ~24-25% CAGR

 Excluding other potential projects post 2017 pipeline, conservatively the power business will have contributed ~40%-50% by 2020, while also doubling Toba’s total EBITDA from current level

 This implies around half of EBITDA will come from power business, where $1 of EBITDA will be valued more in the market compared to pure mining businesses

Expected EBITDA Transformation

Mining + Power EBITDA

95%-100%

200 MW realizable

Power Projects in 2017

Construction phase

Mining Business

29

Our Project Selection Process

Targeting return of equity IRR and Project IRR

Ability to identify, assess, and manage completion risk, technical and non-technical risk such as social assessment for land acquisition to ensure the project can be completed within specified time schedule

Financial capability to participate in targeted tender projects where PLN sets specific requirements to meet

Majority control for certain size of IPP projects

Appetite to have minority portion with good and credible partner in larger size projects

• Credible partner with vast experience and proven technology

• Can bring long-term value-add to organization and local people including transfer knowledge

• Have good networking capability with PLN and power stakeholders

Parameters for Project Selection

Leveraging Toba Sejahtra Group

’

s

Experience in Power Plant Development

Sumatra

Senipah Power Plant

Central Sulawesi

Palu Power Plant

PLTG Senipah

 Combined Cycle System is under PPA finalization for additional 35 MW

 Total potential supply: 115 MW

 In operation, COD in 2007

 Expansion 2x18 MW is COD 2016

 Total potential supply: 66 MW

30 SULBAGUT-1

2 x 50 MW

PPA in place, in process for Financial

Close

NEW PROJECTS (Expected COD in 2020)

* Recently sold to private buyer in 4Q 2016

SULUT-3 2 x 50 MW

PPA in place, in process for Commencement of

5.5% 7.1%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 839

186 196 200

0

2011 2012 2013 2014 2015 646

702

746 779 784

Indonesian Economy & Energy Demand

Source: PLN Business Plan (RUPTL) 2016 –2025; Central Bureau of Statistics (BPS); Note: PLN is State Electricity Utility

 Energy plays fundamental part in economic growth process. Economic growth needs to be supported by

sufficient Electrification Ratio (ER)

 Power consumption is related to productivity level of its population. As countries switch to manufacturing-based

economies, power consumption per capita increases

GDP Growth (%)

Electricity Consumption (TWh)

Electricity Consumption per Capita (KWh)

FORECAST

Growing Power Demand

As government pushes for infrastructure & industrial development, low electricity consumption and installed capacity levels create significant upside potentials in electricity demand

 Indonesia is behind its ASEAN peers in Electrification Ratio (ER)

 Developed countries tend to have larger electricity consumption per capita

ASEAN Electrification Ratio Comparables

Target 2019: >95%

Energy Consumption per Capita (KWh)

Source: PLN Investor Presentation May 2015, RUPTL 2016-2025, MEMR, World Bank, Indexmundi

Government 35 GW Program

35 GW Power Projects

Coal Fired Power

Plant (CFPP) Gas & Steam Power Others

~20 GW ~7.5 GW ~6.5 GW

PLN

2 GW

IPP

18 GW

Project Costs US$ 27 –36 bln

60% 21% _19%

DEBT (Proj. Financing)

US$ 19 –25 bln

EQUITY US$ 8 – 11 bln

 President Jokowi ‘s Administration committed to adding 35 GW new capacity to current installed capacity of 46 GW to increase ER from currently ~88% to >95% by after 2019

 ~60% of total 35 GW power projects will come from CFPP & this 35 GW require significant participation from private (IPP) at ~53% of project costs vs PLN’s portion of ~47% (inc. transmission)

 IPPs (inc. CFPP) secure power purchase agreement (PPA) from PLN with typical tenor of 25-30 years

34 45 53

55 70

88

2010 2011 2012 2013 2014 2015

93 95 109

166 168 170 171 173 175 177

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

11 GW

15 GW 16 GW

20 GW 22 GW 23 GW

26 GW 27 GW

31 GW

48 GW

53 GW 54 GW 55 GW 55 GW 56 GW

58 GW

Coal Requirement for CFPP

Coal requirements for power (million tons)

Installed coal-fired power plants (GW)

CAGR: 21% CAGR: 21%

 Coal consumption has increased by 21% CAGR in past five years

 It is expected to continue to increase by another 21% CAGR from 2016 until 2019, if 20 GW of new CFPP

capacity from 35 GW program is installed according to plan

 This assumes each MW requires 3500 - 4000 tons of coal p.a.

35 GW Electricity Program

Source: PWC Report - Supplying and Financing Coal-Fired Power Plants in the 35 GW Program, RUPTL 2016 - 2025

Forecast