INVESTOR & ANALYST UPDATE - Banpu · INVESTOR & ANALYST UPDATE ... • India - nuclear policy, coal tax, environmental ... • Exchange rate • Credit issues • Indonesian – Domestic

INVESTOR & ANALYST UPDATE

11th May 2012

1Q12 results and comments

1

DISCLAIMER

The views expressed here contain information derived from publicly available sources that have not been independently verified NoThe 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.

2

1. Focus: long term coal market analysis

2. Coal operations

3. Coal marketing

4. Power business

5. Financial summary

Appendices

3

1. Focus: long term coal market analysis

4

Thermal coal demand outlook

Unit: MtSEABORNE THERMAL COAL DEMAND 2011 – 2020 ASSUMPTIONS

Mt

1 300

1,400

1,500

1,600

SE Asia

Others

• Growth driven by China and India

• In Europe, coal stagnates due to competition from gas and

Mt

1,000

1,100

1,200

1,300

+750 Mt(approx.100%)

North Asia

Europe renewable energy except Germany, Turkey and Eastern Europe

• Share of electric generation in

600

700

800

900

India

gdeveloping countries remains high due availability and low cost.

• Long term competition with gas

200

300

400

500

China

Long term competition with gas in developed countries will be strong, especially if carbon costs are included.

• Nuclear generation has been

0

100

2020201920182017201620152014201320122011

Source: Wood Mackenzie (Feb 2012)

• Nuclear generation has been injured, but not mortally, and will recover in time.

5

Source: Wood Mackenzie (Feb 2012)

Future dynamics (focus on Asia)

GOVT DEMAND NUCLEAR GAS FREIGHTECONOMY GOVT.POLICY

DEMAND ELASTICITY

NUCLEAR GAS FREIGHTECONOMY

• Growth from developing countriesEU debt

• China – coal price cap• India - nuclear policy,

coal tax, environmental policy

• Demand-side management and new technologiesJapan Target to

• Japan – closed, approx.90 mtce*or 26%, how much will come

• US – low gas price, availability of domestic coalChina

• Low freight rates now

• Will rise and limit Columbia

ISS

UE

S

• EU debt concern

• Exchange rate• Credit issues

policy• Indonesian – Domestic

Market Obligation (DMO), coal reference price, low rank coal export ban?,

t t ? f i

• Japan – Target to reduce energy consumption by 7% by 2030

• China – Target to d

much will come back?

• Taiwan –capped?

• China and India –di ifi ti

• China –development of shale gas, pipeline from Russia and Myanmar

limit Columbia, USA and some South Africa exports to Asia

export tax?, foreign ownership limit

• Australia – Mineral Resource Rent Tax (MRRT), Carbon tax

reduce energy intensity by 16% and carbon intensity by17% by 2015 vs 2010

diversification and supply security?

• Aftereffect from Fukushima

Myanmar• Gas price in Asia

link to oil price -uncompetitive to coal. Will this delink for LNG?• South Africa – Mining law

and tax policy

• Development time lags • Medium term

incident

• Time lags if recover

delink for LNG?

• Time lags • Short to medium term+ recover term+

++

--

-

++

--

IMPA

CT

+

6

-

Note: * mtce means million ton coal equivalent

Long term thermal demand and supply outlook 2011 – 2015Total Change +230Mt

+40NORTHEAST

ASIACHINA

EUROPE

+112+75

+65 +15

+15REST OF SOUTHEAST ASIA

INDIA

COLOMBIA

+20

+15WORLD+40

+80- 5

INDONESIA

+90+25

SOUTH AFRICA AUSTRALIA

Change in supply (Mt)

Change in demand (Mt)

7Source: Wood Mackenzie, Banpu

(Mt)(Mt)

Long term thermal demand and supply outlook 2011 – 2020Total change +750Mt

+320 +45 NORTHEAST ASIA

+45

CHINA

+65

+30

+30+245

ASIA

SOUTHEAST ASIA+65

REST OF WORLD

EUROPE

- 10

USA

30

INDIA

+290

+265

+20

+6010

INDONESIA

MOZAMBIQUECOLOMBIA

+290+30

AUSTRALIASOUTH AFRICA


Change in demand (Mt)

8

(Mt)(Mt)

Source: Wood Mackenzie, Banpu

Considerations for new supply

QUALITY: Downward shift in coal quality. LRC* is forecast to have the fastest production growth and

INFRASTRUCTURE: Require major logistic infrastructure improvement and commitments (esp from growth fastest production growth and

accounts for 50% of Indonesia’s marketable reserves.

INFRASTRUCTURE: Required rail in the longer term (Sumatra, Central Kalimantan)

commitments (esp. from growth markets like China and India)

COST: Cannot out compete Indonesian margins

FREIGHT: Low competitiveness in Asia f t t Kalimantan)

POLICY: Tax, DMO, etc.esp. from east coast

POLICY: EnvironmentCHINA: New replacement production lower CV while costs rising relatively quickly

FREIGHT: Low titi i A i d

INFRASTRUCTURE: Require commitment of

competitiveness in Asia due to substantial freight disadvantage to Australia and Indonesia.

Source: Wood Mackenzie Banpu


INFRASTRUCTURE: Require commitment of production and infrastructure expansion (Surat, Galilee)

POLICY: Policy constraints delay timetables* Low Rank Coal (CV less than 4,500 kcal/kg GAR) while Indonesian government defines as coal with CV less than 4,200 kcal/kg GAR)

9


More capacity is required to support growing demandAUSTRALIA (40% of supply growth 2011 – 2020) INDONESIA (35% of supply growth 2011 – 2020)

Mt Mt

200

250

Potential 200

250

Potential

100

150

GunnedahOthers

100

150

Others

Potential

0

50

Surat

SydneyGalilee

0

50

BaritoE. KaliMahakamSumatra

Identified supplyRequired supply growth


Identified supplyRequired supply growth


• Require additional supply for medium and long term need • Limited large scale project in pipeline• Rely on Sydney basin in the short term and Surat in the

longer term• Surat and Galilee require new infrastructure• Environmental sensitivities and challenges

• More than half of identified supply is LRC• Environmental and policy constraints• Off-Spec coal (low CV or high sulphur) becomes attractive

10

• Off-Spec coal (high ash) becomes attractive

Seaborne thermal coal cost curve2012 CV ADJUSTED COST CURVE (6,322 GAR) LONG TERM COST CURVE?

US200 2020

2020DEMAND

CV ADJUSTED COST CURVES (6,322 GAR)

$/t FOB Vessel$/t FOB Vessel

70

80

90

IndonesiaS.Africa Australia

RussiaChina

US

1502012~$6/t

30

40

50

60

Vietnam

Colombia100 ???

~$5/t

0

10

20

3050

0 200 400 600 800

CUMULATIVE SUPPLY (Mt)Source: Wood Mackenzie, Banpu

Hi h t i i ti / l lit / d l ti fI d i ti t b titi i A i

CUMULATIVE SUPPLY (Mt)

0 100 200 300 400 500 600 700 800 9001,000 1,500


• Higher stripping ratio / lower quality / depleting reserves for current capacity

• Lower quality / higher-cost production for future capacity

• Some existing and new producers prefer higher impurity, to

• Indonesia continues to be competitive in Asian

• Australia less competitive due to stronger A$

• Columbia / US to Asia depends on low freight rate

11

g p p g p ylower delivered costs

Prices must rise to support cost of new capacity

• All new projects are

ILLUSTRATIVE INCENTIVE PRICES FOR NEW COAL PROJECTS ($/t)INCENTIVE COAL PRICES FOR NEW COAL PROJECTS COMMENTS

CV ADJUSTED FOB CASH COST2012$/t • All new projects are yesterday’s “undesirable projects” due to:

• Poorer quality120

130

140

Max

CV ADJUSTED FOB CASH COST2012$/t

Poorer quality

• Costly and difficult logistics

M h ll i li80

90

100

110Avg.*

CAPITAL FOR RAIL,

PORT?CAPITAL

FOR LOGISTICS?

QUALITY, FREIGHT

DIFFERENTIAL?

CAPITAL

• More challenging policy issues

• Prices will have to be high enough to incentivize

50

60

70

80Min

enough to incentivize development of these projects

10

20

30

40

* Capacity weighted averageSo rce Wood Macken ie AWR Llo d anal sis

0US

APPALACHIASURATUS ILLINOISINDONESIA

LRCGALILEE

12

Source: Wood Mackenzie, AWR Lloyd analysis

Trend of coal quality – lower energy

ESTIMATED PORTION OF INDONESIAN LOW RANK COAL COMMENTS

SUPPLY

LRC* Potential LRC*

2012 2020SUPPLY

• New capacity is likely to be of lower CV

• Esp. in Indonesia – flat output

15% 25%LRC

26%for high/mid CV and significant portion of new capacity could be LRC

• More blending of mid CV with LRC to impro e attracti eness

85%

LRC to improve attractiveness of LRC

BUYER85%

49%• Need to be flexible and can be

more flexible

• Blending for cost and quality

Hi h CV t ti ht300Mt 570 Mt

REQUIRED CAPACITY

S W d M k i B

• High CV segment tighter requiring adjustments to purchase policy / coal handling

* Low Rank Coal (CV less than 4,500 kcal/kg GAR) while Indonesian government defines as coal with CV less than 4,200 kcal/kg GAR)

13


Banpu position – preferred high energy

PORTFOLIO OF HIGH CV ASSETSCV adb (kcal/kg)

COMMENTS

INDONESIA

6,500

7,000

AustraliaIndonesia

INDONESIA

• Established low cost logistics

• Higher grade products

L h

6,000

• Low ash

• Moderate to high sulphur, but blendable

5 000

5,500AUSTRALIA

• Typical New South Wales product

4,500

5,000• Low sulphur

• Very high Ash Fusion Temperature, makes high ash blendable

4,0000.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2

Sulphur (adb)

Bubble size represents reserves size (equity basis)

Value upside for higher sulphur / higher ash products due unique package of higher CV

14

Well positioned for different scenarios

Demand may or may not be there

… but Banpu is well positioned for

Banpu position –preferred high may not be there… well-positioned for

different scenariospreferred high

energy

• Higher energy coal portfolio

• Competitive

CLOSE TO FORECAST Exceptionally well-positioned

• Competitive margins

• Any negative quality features are

NOT TO SUCH EXTENT Still attractive

+ 750Mt(Approx. 100%

increase)

blendable

• Integrated logistics in place REALLY WRONG • Few new developments

2011 – 2020 DEMAND GROWTH

FORECAST*p

• Other supply (US / Russia) to fall off the cost curve before Banpu

* Wood Mackenzie (as of Feb 2012) Banpu neither challenges nor endorses this forecast

15

challenges nor endorses this forecast.

2. Coal operations

16

2. Coal divisions2. Coal operations

(a) Australia Coal

(b) Indonesia Coal

(c) China Coal

(d) Mongolia Coal

17

Australia Coal: operational and financial summary2012 OUTPUT TARGETS (EQUITY BASIS) KEY UPDATES: Q1 2012

● Production: equity ROM output of 3.9 Mt, 9% up YoY

Charbon Newstan Extension

NewcastleIngle-nook

q y p , p

● 1Q12 ASP : A$78/t (up from A$77/t in 4Q11), Australian GAAP basis

S l i d ti 59% t 41% ( f 39% i

Ivanhoe

Airly

Neubecks Angus Place Mandalong

Mannering Myuna

Awaba

PWCS

NCIG ● Sales mix: domestic 59%, export 41% (up from 39% in 4Q11)

North

Clarence

SpringvaleNORTHERN OPERATIONS:

8.4 Mt FINANCIAL SUMMARY: Q1 2012

Sales revenue A$273m 0% YoY

EBITDA A$78 14%Sydney

Open-cut mine

WESTERN OPERATIONS: 7.6 Mt

EBITDA A$78m ▼ 14%

NPAT A$39m ▼ 30%

CAPEX A$86m ▲ 62%

Wollongong

PKCT

ProjectUnderground mine

Port

Power station

RoadRail

Gearing: ND / Equity(Net debt to book value of equity) 0.32x

18

Rail

Note: NCIG = Newcastle Coal Infrastructure Group; PWCS = Port Waratah Coal Services; PKCT = Port Kembla Coal Terminal

Australia Coal: Northern Operations quarterly outputOTHER OPERATIONSMANDALONG NEWSTAN EXTENSION

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

CV: 6,700 kcal/kg** CV: 6,700 kcal/kg**CV: 6,700 kcal/kg**

1.2 1.41.8

1.21.8

0.50.7 0.7 0.9 0.8 0.5 0.7

Under construction

● Record quarter of 1.82 Mt ROM at LW MOVE SCHEDULE

2 3

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

LW MOVE SCHEDULE

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

Mandalong

● Newstan Extension approved

● Mannering and Myuna impacted by

wks wks

6 wks

Mth 1

Mth 2

Mth 3

Mth 1

Mth 2

Mth 3equipment delays and mining conditions in the quarter

● Awaba ceased production

1 wk

Mth 3

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

Mth 3

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

19Note: *Output figures are ROM output (equity basis)

**CV figures are air-dried basis

Australia Coal: Western Operations quarterly outputOTHER OPERATIONSANGUS PLACE SPRINGVALE

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

CV: 6,700 kcal/kg** CV: 6,700 kcal/kg** CV: 6,700 kcal/kg**

0.3 0.5 0.5 0.2 0.10.50.5 0.4 0.2 0.5 0.5 0.5 0.8 0.7 1.0 0.9 0.9 1.0

● Angus Place produced 0.5 Mt ROM LW MOVE SCHEDULE

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

LW MOVE SCHEDULE

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

(equity) in accordance with expectations

● Springvale recommenced production in mid-March after lengthy regulatory delay

Mth 1

Mth 2

Mth 3

6 wks

10 wks

Mth 1

Mth 2

Mth 3

7 wks

4 regulatory delay

● PKCT strike action reduced export capability, partly offset by flexibility provided by own train fleet taking coal to Newcastle

Mth 3

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

Mth 3

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

wks



coal to Newcastle

Australia Coal: key development projects

DEVELOPMENTS ORGANIC GROWTH LOGISTICS PORTS

Banpu Board Approval for development of Newstan Extension obtained

All locomotives and wagons now delivered - reducing distribution costs and enabling greater control of export

NCIG Stage 2AA will be completed 3 months ahead of schedule and budget -providing additional port

CAPEX TIMELINES (INDICATIVE ONLY)

g ea e co o o e pologistics

p o d g add o a pocapacity to boost export sales

PROJECT NAME PROGRESSTotal CAPEX

2012 – 15 only (c A$m)

2012 2013 2014 2015(c.A$m)

Western infrastructure Feasibility Study 55

Newstan extension and C t tiNewstan extension and Northern washeryupgrade

Construction stage 480

Angus Place extension Pre-Feasibility Study 90

21

Study2016


(a) Australia Coal

(b) Indonesia Coal

(c) China Coal

(d) Mongolia Coal

22

Indonesia Coal: operational and financial summary

KITADINTANDUNG MAYANG

2012 OUTPUT TARGETS (100% BASIS) KEY UPDATES: Q1 2012

● Production: Bharinto commenced operation since early May 12

East Kalimantan

INDOMINCO 15.0 Mt Bontang Coal Terminal

TANDUNG MAYANG2.7 Mt

- Bharinto commenced operation since early May 12

- 1Q12 output was lower than planned due to rainfalls, but Trubaindo drew on additional stocks from ROM stockyard.

- ITM production 1Q12 : 5.7mt, up 5% YoY

Bunyut Port

KITADIN

TRUBAINDO 7.0 Mt Samarinda

Captive coal-fired power

project

● ASP: 1Q12 : $101.1/t up from $87.3/t (1Q11), down from $103.1/t (4Q11)

BalikpapanCentral Kalimantan

KITADIN-EMBALUT 0.7 MtBHARINTO

0.7 MtFINANCIAL SUMMARY: Q1 2012

Sales revenue $575m ▲ 23% YoYPalangkaraya

Banjarmasin

South Kalimantan EBITDA $184m ▲ 40%

NPAT $125m ▲ 32%

JORONG 1.0 MtJorong Port

OperationProject

OperationProject

POWER

COAL

CAPEX $18m ▲ 6%

Gearing: ND / Equity(Net debt to book value of equity) -0.64x from

– 0.49x

23

Project

Indonesia Coal: quarterly outputTRUBAINDO - BHARINTO OTHER OPERATIONSINDOMINCO - BONTANG

COAL OUTPUT (Mt)*

CV: 6050 - 6500 kcal/kg**

COAL OUTPUT (Mt)*

CV: 6250 - 7200 kcal/kg**

COAL OUTPUT (Mt)*

CV: 5750 kcal/kg**

TDM

YC

K

TO

KIT

AD

IN

2 1 2 0

0.4

0.6

0.6

3.13.4

4.24.5

3.6

4.4

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

0.3 0.3 0.3 0.4 0.3 0.3

CV: 5300 kcal/kg**

BLO

CK

WB

LO

BA

IND

OB

HA

RIN

T

RO

NG

1 8 1 7 2.1 2.1 2 0

1.3 1.7

2.1 2.0

1.4

1.7 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

1 7 1 8 2.1 1 8 1 8

0.11.9

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

E B

TRU

B

JOR

STRIP RATIOS (b /t) STRIP RATIOS (b /t) STRIP RATIOS (b /t)

1.8 1.7 2.1 2.11.6 2.0

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

0.3 0.4 0.4 0.3 0.3 0.31.5 1.7 1.8 2.1 1.8 1.8

STRIP RATIOS (bcm/t) STRIP RATIOS (bcm/t) STRIP RATIOS (bcm/t)

13.1 13.315.8

12.5

WB

LOC

K

11.58.9 8.7

11.2

KIT

AD

IN

12.011.4

14.0 15.1

10.9 10.910.1 10.9

E B

LOC

K

TRU

BA

IND

O

8.68.6 8.6 8.6JOR

ON

G

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

10.011.9 14.1 12.4

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

13.4 13.6

8.6 8.6

12.511.6

24Note: *Output figures are 100% basis


1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e

Indonesia Coal: key development projects

IPCC Systems* Bontang Port ExpansionEast Block Wash Plant

PIT

SPREADER STOCKPILE

DEVELOPMENTS

100 m

50 m

BENCHES

BACKHOEEXCAVATOR

TRUCK

IN-PITCRUSHER

IN-PITCONVEYORS 100 m

50 m

On process of importing the crusher and conveyer unit and expected to be completed by end of the year

Conducted an external study to expand existing port capacity and mine-stock capacity at Bontang

Prepared a pre-feasibility study for washing plant in the East Block area

y p y g

CAPEX TIMELINES (INDICATIVE ONLY) PROJECT NAME PROGRESS

Total CAPEX 2012 – 15 only

(c.US$m)2012 2013 2014 2015

(c.US$m)

Bharinto Production stage 100

IMM - East block IPCC System

FeasibilityStudy 185System Study

BoCT expansion to 30 Mtpa

FeasibilityStudy 40

Bunyut port expansion FeasibilityStudy 20

25Note: IPCC System = In Pit Coal Crusher and Conveyor System

Study


(a) Australia Coal

(b) Indonesia Coal

(c) China Coal

(d) Mongolia Coal

26

China Coal: operational and financial summaryCHINA COAL 2012 PRODUCTION TARGETS* OPERATIONAL UPDATES

GAOHE

● Six of eight required inspections passed at Gaohe in 1Q.

● Remaining inspections: Verification of Water and Soil Conservation and Safety Facility Acceptance. BEIJING

Gaohe(45%),Shanxi

● Final acceptance inspection expected within Q2, then apply for Production and Safety Licenses.

● Gaohe has finished the preliminary design of railway spur Hebi

(40%),

3.8 Mt

about 8 km and worked on land acquisition.

● Gaohe began to build another 6 raw coal silos (Phase 2), capacity of 10,000 tonnes each.2012 COAL OUTPUT (Mt ROM)

( ),Henan1.2 Mt

OperationProjectOperationProject

POWERCOAL

HEBI

● Hebi conducting 10 exploration drill holes in a new mining

Pre-production stage

0.61.0

0.90.5

0.30.2

0.30.50.4 0.4 0.4 0.5

area, to check geology and coal quality.

GaoheCV: 6500-8000 Kcal/kg**

HebiCV: 5300-6800 Kcal/kg**

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12




(a) Australia Coal

(b) Indonesia Coal

(c) China Coal

(d) Mongolia Coal

28

Mongolia Coal: project developmentTSANT UUL PROJECT UPDATES

● Exploration area: 69,000 Ha

MONGOLIA COAL

● Location: South Gobi (approximately 200 km from Gants Mod border checkpoint)

● Resources (JORC as of August 2011) for Tsant Uul only Measured 40.9 MtIndicated 52.9 MtInferred 73.3 MtTotal 167.1 Mt

● Coal type: Thermal coal, CV 6,000 - 6,500 kcal/kg**

CAPEX TIMELINE

yp , , , g● Status: Mining license granted until 2041

2012 COAL OUTPUT TARGET* : c. 1 Mt.

PROJECTNAME PROGRESS

CAPEX 2012 – 15 only

(US$m)2012 2013 2014 2015

Tsant Uul Productionstage

2000.0Mt

0.3Mt 0.3Mt 0.4Mt

stage

Altai Nuurs Exploration and early stage dev.

200Tsant UulCV: 6,000 - 6,500 kcal/kg **

1Q12 2Q12 3Q12 4Q12

(INDICATIVE ONLY)

29

Note: * Output figures are ROM output (100% basis)

** CV figures are NAR basis, from latest samples

*** Capex for mine development and necessary infrastructure, with own equipment

Banpu group indicative five-year plan output targets*

INDONESIA COAL (ITM): SALEABLE COAL 100% BASIS AUSTRALIA COAL (CENTENNIAL): ROM EQUITY BASIS35 35

Bharinto

15

20

25

30

15

20

25

30Bharinto Jorong

Embalut

Trubaindo Others - WestSpringvale (50%)

Tandung Mayan

0

5

10

15

2011 2012 2013 2014 20150

5

10

15

2011 2012 2013 2014 2015

Indominco

Springvale (50%)Angus Place (50%)Others - NorthNewstan Ext (100%)

Mandalong (100%)

2011 2012 2013 2014 2015 2011 2012 2013 2014 2015

35

CHINA COAL: ROM EQUITY BASIS MONGOLIA COAL (HUNNU): ROM 100% BASIS

35

15

20

25

30

15

20

25

30

0

5

10

2011 2012 2013 2014 20150

5

10

2011 2012 2013 2014 2015

Gaohe (45%)Hebi (40%)

*Disclaimer: These output targets are indicative only and are subject to change.30

2. Coal divisions3. Coal marketing

(a) Coal market

(b) Banpu coal sales

31

1Q 2012 Update - seaborne thermal coal market drivers

WEATHER CHINESE DEMAND OTHER DRIVERS

• Downward trend in sentiment.

• Uncertainty impacting forecasts due to European debt concerns, Middle

• Indonesia wet season was normal. Stocks starting to build as rains lessen.

• GDP growth declining but still relatively good at 8.2%*

pEast/N. Africa unrest, and exchange rate trends.

• Rate/timing of Chinese import increase – a question?

• Chinese winter was normal followed by water shortages.

• Coal production increased beyond demand increase, but again levels vary by region.

• Can U.S.A. continue to sell below cost?

• Gas prices reverse to coal’s disadvantage, while short term USA

• Australian storms/floods damage has been limited.

• Imports in 1Q, double 1Q 2011, but 75% of 4Q 2011.

g ,diverts coal to export.

• 2012 world growth forecast 2.2%* (Prev. 2.0%**) ; Asian growth forecast 6.5%* (Prev. 6.0%**)

• Policy uncertainty affecting confidence.

( )

* Banpu Macroeconomic Assumptions as of April 2012** Country Forecast February 2012 from The Economist Intelligence Unit Limited 2012 32

Banpu average selling prices in 3Q10Banpu Indonesia ASPs vs thermal coal benchmark prices

BANPU ASP VS BENCHMARK PRICES COMMENTS

Unit: $/t

ASP held up well in 1Q 2012.

Some pressure from weaker market prices and product mix may cap ASP160

180

200

Monthly BJIQuarterly Banpu Indonesia ASP

prices and product mix, may cap ASP improvement 2Q-4Q 2012.

Banpu remains protected by relatively hi h ‘ ld ith i ’ t t ( 62%)

100

120

140

high ‘sold with price’ status (+62%)

Also protected by hedge status (+7%), and Centennial’s domestic contract 40

60

80

stability and linkage of sales usually to JPU.

0

20

ar-0

7un

-07

ep-0

7ec

-07

ar-0

8un

-08

ep-0

8ec

-08

ar-0

9un

-09

ep-0

9ec

-09

ar-1

0un

-10

ep-1

0ec

-10

ar-1

1un

-11

ep-1

1ec

-11

ar-1

2

ASP 1Q12 $100.51 (-2% QoQ))

BJI* May 3, 2012 $101.00

Ma

Ju Se

De Ma

Ju Se

De Ma

Ju Se

De Ma

Ju Se

De Ma

Ju Se

De Ma

3333* Barlow Jonker Index: benchmark NSW FOB thermal coal index

China thermal coal market reviewChina thermal coal market review

Unit: RMB

CHINA DOMESTIC COAL PRICES CHINA THERMAL COAL IMPORTS/EXPORTS ANNUALIZED ACTUAL IMPORT 2011 & 1Q12 ESTIMATE

Unit: Mt Unit: Mt

1,000

128

143

116103

> 5,800 kcal/kg

> 5,500 kcal/kg

> 5,000 kcal/kg ?

800

900

,

78565

73

93103

N t

Net importc.135

840 +6 from

prev. est.??

600

700

6558

18 14

Net import96 Mt

Mt ?685 ?

400

500

1Q11 2Q11 3Q11 4Q11 1Q12 Act.

14 7 5

2009 2010 2011 2012

Import ExportImport Export

Source: www.sxcoal.com/cn 7 May 2012 Sources: China Coal Report April 2012, Banpu MS&L Estimates

3434

2. Coal divisions3. Coal marketing

(a) Coal market

(b) Banpu coal sales

35

Banpu group coal sales outlook analysis: 2012e

COAL SALES* BREAKDOWN BY DESTINATION 2012e (Mt) BANPU GROUP TOTAL GLOBAL COAL SALES* 2012e

2 2 21%4%1% 6% AustraliaThailand

PhilippinesHong Kong

Others

S KOREA2 6 Mt

CHINA8 8 Mt

ITALY1.6 Mt

2.2

1.8

4.4

5.9 1.5

1.1 21%

5%

4%4%

4%Italy

Thailand

India

JAPAN6.2 Mt

INDIA OTHERSHK

0.6 Mt

2.6 Mt8.8 Mt

TAIWAN4.1 Mt

1.8

2.02.30.42.3

20%7%

6%

5%

China

S Korea

PHILIPPINES1.6 Mt

INDONESIA3 0 Mt

THAILAND2.0 Mt

INDIA2.3 Mt

OTHERS2.7 Mt

14%9%

7%

Taiwan

Indonesia

Australia CoalChina Coal

Indonesia Coal Total: 44.8Mt* (Sales from Indonesia are included on 100% basis,

sales from Australia and China are included on equity basis )

3.0 Mt

AUSTRALIA8.9Mt

Japan

36

* Excluding Mongolia coal

Indicative 2012 Banpu coal sales pricing status

AUSTRALIA COAL INDONESIA COAL

Fixed

Unpriced

Unsold

4% 10%14%

6%Unpriced

Unsold

Indexed62%

24%57%19%

4%Indexed FixedDomestic

Fixed Export

TARGET SALES 2012 (equity basis): c.16 MtAs of 9 May 2012

TARGET SALES 2012: c. 27 MtAs of 3 May 2012As of 9 May 2012

All Unpriced traditionally linked to JPU

As of 3 May 2012

Mostly insulated from market weakness (including hedged tonnes 70% of sales)

Can still be relatively selective in Unsold sales, due to lower volume

hedged tonnes, 70% of sales)

37

* Contracted tonnage

4. Power business

38

Thailand Power: BLCP in 1Q12 (100% basis)Bt. million

Q-Q: 40%Y-Y: -10%

Q-Q: 21%Y-Y: 2%

Q-Q: 127%

Y-Y: -8%

2,2151,420

1,988

4,5853,868

4,672

594548

Q-Q: 10%Y-Y: 12%

1Q11 4Q11 1Q12

Availability Payment (AP)

Q-Q: 22%Y-Y: -26%

1Q11 4Q11 1Q12Total revenue

615

122 FX gain

Y Y: 12%

2,154 2,206 2,420

Y Y: 26%

1,539

9301,137

241

426308

95% 90% 97%

1Q11 4Q11 1Q12Energy Payment (EP)

Q-Q: 14%Y Y 19%

1Q11 4Q11 1Q12

EBIT-67 FX

(loss)-21

Y-Y: -19%

2,044

1,455 1,659 Based on Banpu’s 50% interest

1Q11 4Q11 1Q12

Equity income

1Q11 4Q11 1Q12

Dispatch (%)1Q11 4Q11 1Q12

EBITDA 39

Thailand Power: Hongsa project in LaosHONGSA PROJECT PROJECT PROGRESS UPDATES 1Q12

● Project progress at end 1Q was 14%.j p g

● Main road from Thai border to the project site has been constructed and ready for transporting the main equipments. q p

● Foundation work of power plant was completed and will continue on installation of main structure.

● All resettlement houses, schools, temples, and other infrastructure will be completed by end 2Q2012.

● COD of first unit will be on June 2015.

CAPEX TIMELINE

PROJECTNAME

PROGRESS CAPEX ($m)

CAPEX TIMELINE

2011 2012 2013 2014 2015

HongsaPower

14% 343*2016

40

Note: *Banpu’s equity injection

China Power: BIC* in 1Q12 (100% basis)

Sales**

(USD m)

EBITDA

(USD m)

Utilization

(hours)

Power tariff

(RMB/kwh)

Coal price***

(RMB/t)BIC* 1Q11 4Q11 1Q12

LuannanHebei Province

Power 100MW;

Steam 128tph

Higher sales both power and peak seasonal heat sold h l d i d

0.430.44 0.44

671 6536752,033

1,654 1,75814.412.6

14.5

2 5 1 72.6

Steam 128tph

(Banpu 100% )helped improved EBITDA

ZhengdingHi h l b th

2,069 1 98113 5

2.5 1.7

Hebei Province

Power 48MW;

Steam 180tph

(Banpu 100%)

Higher sales both power and peak seasonal heat sold helped improved EBITDA

1,8531,981

0.38 0.39 0.40

12.7 13.213.5

3.6 3.33.9

667821680

( p )

ZoupingShandong Province High coal price but

19.6

26.522.8

1,8871 532 885

927939

Power 100MW;

Steam 430tph

(Banpu 70%)

High coal price but lower steam demand from steam customer reduced EBITDA in Q1 2.5

4.0 3.7

1,6211,532

0.36

8850.42 0.43

Note: *BIC = Banpu Investment China (formerly BPIC), **Unaudited figures, *** Including transportation41

5. Financial summary

42

Key external and corporate events

Italy debt crisis? Downgrade 9 Greece passes austerity plan China’sT

EVEN

TS

Thai flood crisis

Greece referendum

yeuro zone

nations

Ban Iranian oil?

BoT cuts interest rate

to 3%

austerity plan China s disappointing Q1 GDP growth

European elections sent shockwave

IND

IRE

CT

EXTE

RN

AL

Indonesia exportEC

T

Mahakam Bridge collapse

Indonesia foreign

ownership limit

Aust Senate passes MRRT

Indonesia export tax on minerals

Request for contract review

DIR

EEV

ENTS

27 Oct18 Jan 11 May

4Q11 May 12Apr 121Q12

OR

POR

ATE

10 NovBanpu 3Q11 results

27 OctUS$225M

private placement

Completion of

Announcement of special Bt 3 dividend to be paid on 10 Feb

28 Dec

• Banpu 2011 results• 2H11 Bt 9 dividend

to be paid on 30 Apr• R&R upgrades

24 Feb

Banpu AGM 2012

Banpu 1Q12 results

5 Apr

43

CO Completion of

Hunnuacquisition

Approved Annual Dividend 21 Baht/share (incl. special dividend 3 Baht/share)

Approved Bond issue

20,000 Mil Baht

Banpu group revenue analysis: coal operationsIndonesia Coal (ITM) Australia Coal (Centennial)

SALES (Mt) SALES (Mt)

China Coal

SALES (Mt)DomesticExport

Equity basis Equity basis100% basis DomesticExport

DomesticExport

2.1 2.3 2.7 2.1 2.1

3.7 3.7 4.1 3.4 3.5

1Q11 2Q11 3Q11 4Q11 1Q12

0.3 0.4 0.4 0.4 0.5

1Q11 2Q11 3Q11 4Q11 1Q12

5.3 4.7 6.1 6.5 5.2

5.5 5.26.9 7.1

5.8

1Q11 2Q11 3Q11 4Q11 1Q12

AVERAGE SELLING PRICE (US$/t) AVERAGE SELLING PRICE (A$/t)**

NE

X*

1Q11 2Q11 3Q11 4Q11 1Q12

AVERAGE SELLING PRICE (US$/t) excl. VAT

1Q11 2Q11 3Q11 4Q11 1Q121Q11 2Q11 3Q11 4Q11 1Q12

125118 122

110 110 NE

X* 125

118 122110 110 N

EX

* 125118 122

110 110NA

SP 87 97 98 103 101

1Q11 2Q11 3Q11 4Q11 1Q12

AS

P75 73 70 77 78

1Q11 2Q11 3Q11 4Q11 1Q12

N

AS

P

90 91 96 92107

1Q11 2Q11 3Q11 4Q11 1Q12

N

REVENUE ($M) REVENUE (A$M)

468 502678 733

578

REVENUE ($M)100% basis Equity basis 100% basis

Note: ITM revenue is consolidated in Banpu income Note: Centennial’s revenue is consolidated in Banpu

468 502

1Q11 2Q11 3Q11 4Q11 1Q12

279 266 287 261 273

1Q11 2Q11 3Q11 4Q11 1Q12

Note: Hebi and Gaohe revenues are not consolidated in

72 77 92 81 123

1Q11 2Q11 3Q11 4Q11 1Q12

44

o e e e ue s co so da ed a pu co estatement.

o e Ce e a s e e ue s co so da ed a puincome statement.

Note: ‘$’ in this presentation denotes US dollar only, otherwise stated *NEX = Newcastle Export Index (formerly Barlow Jonker Index or BJI)

It is relevant but not linked to China Coal’s ASP**Australian GAAP

o e eb a d Gao e e e ues a e o co so da edBanpu income statement.

Banpu consolidated sales revenues

Bt. millionUSD

1,046 m USD 913 m

1,489 +17% Y –Y Power

Bt 32,653 M Bt 28,310 M USD

791 m

7,858

8,3521,427

1,573 Power+6% Q – Q+10% Y - YBt 24,178 M

Coal Australia

*Australian GAAP (AUD Million)

261 273

10* Gain

from18

-13% Q – Q

8,145

C l I d i

+6% Q- Q+3% Y - Y

10 from forward

251255

14,606

23,306

18,385

Coal Indonesia

-21% Q – Q+26% Y - YPower

Coal Australia

4Q11 1Q12

1Q11 4Q11 1Q12

Coal Indonesia

45

1Q11 4Q11 1Q12

Note: USD exchange rate is the average exchange rate of the corresponding period, Revenue from other is included in Coal.* Under Thai GAAP, this is not included in the revenue.

Banpu consolidated coal gross margin 1Q12 : 44%

AUSTRALIA COAL INDONESIA COAL

Indonesia CoalIndonesia Coal gross margin: 49%

23,170

A t li i 37%

Bt million

A t li i 33%

Thai GAAP Australian GAAPAUD million

18,268

14,562 Australia gross margin: 37%Australia gross margin: 33%

8 352 279 27326152%

8,145 8,3527,858 279 273261

49%

47%

1Q11 4Q11 1Q12

33%38%38%

1Q11 4Q11 1Q12

37%40%41%

1Q11 4Q11 1Q12

46Note: AUD exchange rate – Bt31.92/A$ (as of 30 March 2012)

Coal sales Gross margin

Banpu consolidated EBITDA and NPATUnit: Bt. million

EBITDA NET PROFIT AFTER TAX

9,163 8,439

+14% Y – Y

6,308 Exceptional gain from divestment

2,231

183

4776,299

7,174 Power +161% Q-Q-16% Y-YCoal Australia

-15% Q – Q

3,528

2,78528

187 2,145

1,671570

Coal - Australia -25% Q-Q-22% Y-Y

-21% Q - Q70% Y Y

Coal - China

2,98528 1871,176

1,050

828

334 306

2,785

Coal - Australia -21% Q-Q-30% Y-Y

3,556

6,489

4,839

28 Coal - Indonesia -25% Q-Q+36% Y-Y

Coal - China

-70% Y - Y

Power

1,317 1,464

-464-43

1Q11 4Q11 1Q12

Coal - Indonesia -51% Q-Q+11% Y-Y(464)

1Q11 4Q11 1Q12

Coal - China

47

Q Q Q

Power Coal - Australia Coal - China Coal - Indonesia

Banpu gearing and foreign exchange structure

DEBT FX STRUCTURE GEARING RATIOS

1 06Net debt / Equity1 (x)

0.140.36

0.16

1.06

0.74 0.69

Net debt / Equity1 (x)

THB Float

THB Fixed16% 2007 2008 2009 2010 2011 1Q12

51%42% 41%

Net market gearing2 (%)

USD Float51%AUD

Fixed5%

THB Float10%

12%26%

14%

42% 41%

USD Fixed16%

AUD Float2%

5%2007 2008 2009 2010 2011 1Q12

3.35

2 06

Net debt / EBITDA (x)

0.500.86

0.38

2.06

2007 2008 2009 2010 2011 1Q12

TOTAL DEBT: $3 BillionAs of 9 May 2012

1Q12

48Note: 1 Net debt to book value of shareholders' equity

2 Net debt to enterprise value (enterprise value = net debt + market capitalization as at 30 March 2012)

2007 2008 2009 2010 2011 1Q121Q12

Appendices

49

Indonesia Coal gross margin 1Q12 : 49%

23,170

18,268

14,562

12,893

49%

52%8,700 8,661

6 4006,688

47%49%

45% 46% 53%53%

52%

4,614

6,400

53%53%

52%519855 576 47%

53%53%

52%7291,130 1,250

56% 46%

1,604 1,380 74% 65%

1Q11 4Q11 1Q121Q11 4Q11 1Q12Indonesia CoalIndominco

1Q11 4Q11 1Q12

53%

Trubaindo1Q11 4Q11 1Q12

53%

Jorong

30% 47% 36%

1Q11 4Q11 1Q12

53%45% 56%

Kitadin4Q11 1Q12TandungM

50Coal sales Gross margin

Mayang

Banpu group EBITDA breakdown

& holding companies

Unit: $M

2Q11 3Q11 4Q11 1Q12

231 318 267 233

Power & New energy65%

AACI OVERHEAD

-5 -7 -2 -5

100%

69 86 82 78165 233 235 191

-1 -2Began consolidated in 4Q11

Unit: AUD Mil

50%

45%

Gaohe

BLCP

Indominco

2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12

2Q11 3Q11 4Q11 1Q12102 151 126 9311 25

-750

Began consolidated in 4Q11

72 66 15 54

2Q11 3Q11 4Q11 1Q12

All figures are 100% basis except for Centennial which is

40%

40%

Hebi

HONGSA

Trubaindo

2Q11 3Q11 4Q11 1Q12

2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12

51 61 65 66 7 5 -17 -7

-2 -4 -4 -1

equity basis

BIC*4Q11Kitadin

2Q11 3Q11 4Q11 1Q12

2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12

9 16 44 356 4 5 9

70%

Zouping

2 2 3 3

Zhengding

1 1 2 3

Luannan

1 1 3 4

Jorong

Q 3Q Q Q2Q11 3Q11 4Q11 1Q12

4 4 4 3

51Note: all ownership 100% unless otherwise shown.*BIC = Banpu Investment China (formerly BPIC) Consolidated NOT consolidated

2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12

Banpu group net debt breakdown

& holding

2,045 2,051 2,403 2,412

Unit: $M

companies

2Q11 3Q11 4Q11 1Q12

AUSTRALIA COAL INDONESIA COAL CHINA COAL MONGOLIA COAL

Gaohe Hebi

100% 65% 45% 40% 100%

2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12

316 380 324 424 -394 -579 -612 -771235 254 269 265

-24 -38 -29 -9 -3 -9Unit: AUD Mil

THAILAND POWER LAOS POWER CHINA POWER

HONGSABLCP BIC*

50% 40% 100%

Consolidated

NOT consolidated

Net debt

Net cash2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12

738 680 700 501 385 460 538 609 -1 -3

21

-6

52Note: all ownership 100% unless otherwise shown.*BIC = Banpu Investment China (formerly BPIC)

Net cash

Banpu consolidated : Operating profit

Units: Bt. million 1Q12 QoQ% YoY%

28,310 -13% 17%Total sales revenues*

4Q11

32,653

1Q11

24,178

Sales revenues – Power (BIC) 1,573Cost of sales (16,314)

Sales revenues – Coal 26,623 -14% 17%6% 10%1,489

(17,580)

31,0341,427

(14,069)

22,716

Gross profit* 11,996 -20% 19%Gross profit - Coal 11,689 -22% 18%Gross profit – Power (BIC) 277 203% 23%

15,07314,998

91

10,1109,870

225

GPM 42%Gross profit Power (BIC)

GPM P (BIC) 18%GPM - Coal 44%

203% 23%46%

91

%48%

42%5

%43%

GPM – Power (BIC) 18% 6% 16%

Note: * Including other business 53

Banpu consolidated : Operating profit

Units: Bt. million

Gross profit 11,996 -20% 19%GPM 42%

1Q12 QoQ% YoY%

15,07346%

4Q11

10,11042%

1Q11

GPM 42%SG&A (3,421)Royalty (2,753)Income from associates 567

46%(4,550)(3,438)

(207)

42%(3,359)(2,305)

503Other income 272

EBIT 5,764 -14% 19%

567

Other expenses - Operations (898)394

6,717

(207)

(554)160

4,854

503

(254)5,764 14% 19%

EBITDA 7,174 -15% 14%

EBIT - Coal 5,400 -19% 23%EBIT - Power 364 435% -24%

6,717

8,439

6,64968

4,854

6,299

4,377477

EBITDA 7,174 15% 14%EBITDA - Coal 6,697 -19% 17%EBITDA - Power 477 161% -16%

8,4398,256

183

6,2995,729

570

54

Banpu consolidated : Net profit

Units: Bt. million

EBITInterest expenses (824)

YoY%1Q12 QoQ%

5,764 -14% 19%(817)

4Q11

6,717(698)

1Q11

4,854Interest expenses (824)Financial expenses (88)Income tax (core business) (1,724)Minorities (1 193)

(817)(117)

(1,897)(1 691)

(698)(71)

(1,247)(810)Minorities (1,193)

Net profit before extra items 1,934Non-recurring items* 282

-5%-12%(1,691)2,194

347

(810)2,0278,058

Net profit before FX 2,216 -73%FX translations 569

-13%2,540988

8,1441,019

(1,941)Income tax (non- core business)

a s a o s 569Net profit 2,785 -70%EPS (Bt/share) 10.25

-21%988

3,52812.98

1,0199,16333.72

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

55

Centennial : Income Statement

Units: Bt million (THAI GAAP) 1Q12 QoQ%1Q11 YoY%4Q11

Cost of sales (5,593) (5,079)

3,496 3%Sales revenue

Sales volume (k tonnes)

8,352 6%3,7038,145

-6%3%

(4,869)

3,3957,858

Gross profit 2,759 -8%3,066GPM 33% 38%SG&A (1,439) 5%(1,285)

-10%

12%

2,98938%

(1,376)Royalty (577)SG&A (1,439) 5%

5% (529)(1,285)

810 -29%EBIT 1 343Other income 67 -13% 91

12%9%

-40%-26%

(550)(1,376)

1 14077

810 29%EBIT 1,343Interest expenses (202)Financial expenses (39)Gain (loss) on exchange rate 113

(186)(27)128

40%1,140(211)(72)83Gain (loss) on exchange rate 113

Corporate income tax -N t fit

128

(138)Gain (loss) on derivative 582 437

83

1381 426

348

56

Net profit 1,264 -11%1,557 -19%1,426

Banpu group coal sales 1Q12

COAL SALES BREAKDOWN BY DESTINATION 1Q12 (Mt) BANPU GROUP TOTAL GLOBAL COAL SALES 1Q12

India

21%4%3%

2%2%2%

Australia

ItalyPhilippines

Hong Kong Others

21%

6%

6%

4%Thailand

IndonesiaS KOREA0 7 Mt

CHINA2.3 Mt

ITALY0.3 Mt

0.5

0 9

1.80.40.3

0.5

24%

7%

6%

S Korea

JAPAN1.4 Mt

INDIA OTHERSHK

0.2 Mt

0.7 Mt

TAIWAN0.9 Mt

0.9

24%

14%

9% China

TaiwanPHILIPPINES0.4 Mt

THAILAND0.6 Mt

INDIA0.1 Mt

OTHERS0.2 Mt

INDONESIA0 6 Mt

Total: 9.8Mt (Sales from Indonesia are included on 100% basis,

sales from Australia and China are included on equity basis )Australia CoalChina Coal

Indonesia Coal

Japan

AUSTRALIA2.1 Mt

0.6 Mt

57

Quarterly equity ROM output

3.9

4.8

4.1 4.04.5 4.4

4.14 04.55.0

Total equity ROM (Mt)ACTUAL PLANNED (INDICATIVE ONLY)

2.4 1.2

2.5

2.3 2.22.5 2.1

2.03.2

2.02.53.03.54.0

NO

RTH

ER

N

1.52.0 2.3

1.8 1.8 2.0 2.3 2.1

0.00.51.01.5

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

WE

STE

RN

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Normal production Bolt-up/commissioning LW relocation

58Note: Bar width is indicative of the equity production contributions to Centennial

Documents

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