Overall financial performance as at YTD September 2017 was better than YTD September 2016 and the Budget. YTD September 2016 Actual.

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2 Executive Summary Overall financial performance as at YTD September 2017 was better than YTD September 2016 and the Budget (in million USD) YTD September 2016 Actual YTD September 2017 Budget YTD September 2017 Actual Revenue (1) % Gross Profit (1) % Gross Profit Margin 35% 38% 52% 39% Var 1) Revenue, Gross Profit include coal and non-coal sales ; YTD September 2016 Actual YTD September 2017 Budget YTD September 2017 Actual Var Sales Volume (milion MT) % Coal Production (million MT) % Average Selling Price (US$/MT) (1) % Average Cash Costs (US$/MT) (2) % 1) Average Selling Price includes coal and non-coal sales ; 2) Average Cash Costs include Royalty, Barging, SGA; Overall sales volumes at YTD September 2017 were higher than the Budget mainly due to increase in production especially at Tabang as a result of improved efficiency and mobilization of additional equipment coupled with barging operations not being as badly affected by the dry season as it was shorter than Budgeted Actual ASP was higher than the Budget mainly due to higher than Budgeted Benchmark coal prices (US$85.09/ MT Actual vs US$66.67/ MT Budget) 1

3 Executive Summary - continued Sales volumes in the 3Q2017 were 5.6 million MT which was higher than 2Q2017 sales volume of 4.7 million MT and the Budget of 4.2 million MT mainly due to increase of production and hence sales at Tabang as both PTP & KWN increase production volumes as a result of lower rainfall combined with Tabang operating at a lower than Budgeted SR due to operations being moved to a new dryer area to help with ongoing dewatering issues. However even with the lower rainfall at the site, river levels remained high throughout the 3Q2017 which allowed barging operations to operate with a higher efficiency than Budgeted 3Q2017 coal production achieved was 6.5 million MT which was higher the 2Q2017 coal production of 4.3 million MT and the Budget of 4.8 million MT mainly due to the higher overburden volumes as site strive to achieve the stretch targets resulted in increased coal as the strip ratios reduced at Tabang despite the groups average stripping ratio remaining reasonably consistent. 3Q2017 weighted average stripping ratio of 3.9:1 was principally in line with 2Q2017 and the 3Q2017 Budget 2

4 Executive Summary - continued 3Q2017 Cash costs of US$ 26.94/MT was lower than the Budget of US$ 31.68/MT mainly due to: Lower fuel cost than the Budget Lower material and spare parts as well as repairs and maintenance due to timing difference Movements in inventory Lower barging due to: Lower fuel price than budgeted The Budget anticipated a longer dry season during 3Q2017 (using small barges would increase the unit barging cost) whilst water levels actually remained consistently higher during the 3Q2017 and the Company was able to utilize a higher proportion of larger barges (300ft) 3

5 3Q 2017 Overburden Removal Coal Production Weighted Average Strip Ratio Average Cash Costs Coal Sales Average Selling Price Committed & Contractual Sales Debt and Cash Position Capex 4

6 Overburden Removal (OB) Overburden Removal (million BCM) Q17 3Q17B 3Q17 Note : B stands for Budget Figure (in million BCM) Overburden Removal 3Q17B 3Q17 Gunungbayan Pratamacoal- Block II Teguh Sinar Abadi/ Firman Ketaun Perkasa Perkasa Inakakerta Tabang Concessions Wahana Baratama Mining Total Q2017 OB was 25.3 million BCM which was higher than 2Q2017 and the Budgeted levels mainly due to: Increase production at TSA/FKP as TCI ramp up production Increase at BT production due to lower rainfall and lost hours compared to the previous quarter Commencement of Overburden activities at GBP Blok II in July 2017 Generally lower rainfall than Budgeted 3Q17 Overburden removal of 25.3 million BCM was higher than the 2Q17 and the Budget 5

7 Coal Production (million MT) Coal Production Volume Q17 3Q17B 3Q17 Note : B stands for Budget Figure (in million MT) Production 3Q17B 3Q17 Gunungbayan Pratamacoal- Block II Teguh Sinar Abadi/ Firman Ketaun Perkasa Perkasa Inakakerta Tabang Concessions Wahana Baratama Mining Total Q17 coal production of 6.5 million MT was higher than 2Q17 production and the Budget mainly due to: the higher overburden volumes as site strive to achieve the stretch targets resulted in increased coal as strip ratios at Tabang dropped despite the group s average SR remaining consistent with 2Q2017 Generally lower rainfall than Budgeted 3Q17 coal production of 6.5 million MT was higher than 2Q17 and the Budget 6

8 Actual Weighted Average Stripping Ratio (SR) Weighted Average Strip Ratio 3Q2017 average Stripping ratio was principally in line with the 2Q2017 and the Budget Q17 3Q17B 3Q17 Note : B stands for Budget Figure Weighted Average SR (:1) Weighted Ave SR 3Q17B 3Q17 Gunungbayan Pratamacoal Block II Teguh Sinar Abadi/Firman Ketaun Perkasa Perkasa Inakakerta Tabang Concessions Wahana Baratama Mining Total However Tabang operated at a lower SR to aid ongoing dewatering issues TSA/FKP continue to operate at a higher than Budgeted SR due to continuing geotechnical issue PIK was above Budget as it expands the working area in order to increase the production GBP operated at a higher SR as it s currently behind schedule. 3Q17 actual weighted average strip ratio of 3.9 : 1 was principally in line with 2Q17 and the Budget 7

9 (US$ / MT) * Average Cash Costs Average Cash Costs per MT (*) Q17 3Q17B 3Q17 (1) Average Cash Costs include Royalty, Barging, SGA (2) US$ is a convenience translation using the average quarterly exchange rate for the quarter numbers (3) B stands for Budget Figure 2Q17 Average Cash Costs were lower than the Budget of US$29.5/MT mainly due to: 3Q2017 Cash Costs were US$ 26.9/MT, which Higher actual sales volumes which decreased was lower than the Budget of US$ 31.7/MT certain unit costs mainly due to: Lower Lower spend fuel cost on material than the Budget and spare parts as well as repair and maintenance Lower material and spare parts as well as Lower repairs unit and rates maintenance at Tabang due in to OB timing Removal, coal difference mining and hauling as a result of a discount received from subcontractor to increase Higher than the Budgeted volumes sales from volumes the which original contract reduced certain unit costs Movements in inventory Lower than Budgeted demurrage; Lower barging costs due to: General lower actual fuel price rate which resulted Lower decrease fuel price in than barging budgeted cost and fuel consumption The Budget cost; anticipated for a longer dry season during 3Q2017 (using small barges would increase the barging unit cost) whilst Partially water offset levels by: actually remained consistently Higher higher weighted during stripping the 3Q2017 ratio and at the PIK Company and TSA/FKP; was able to utilize a higher proportion of Higher larger royalty barges cost (300ft) mainly due to higher ASP; 3Q17 average cash costs were US$ 26.9/MT which was lower than the Budget of US$ 29.5/MT 8

10 Coal Sales (by volume) Coal Sales Volume (million MT) Q2017 coal sales volume of 5.6 million MT was higher than 2Q2017 and the Budget mainly due to: 2Q17 3Q17B 3Q17 Note : B stands for Budget Figure Geographic Distribution (3Q17) South Asia 19% Domestic 14% South East Asia 30% North Asia 37% Increase of production and hence sales at Tabang as both PTP & KWN increase production volumes as a result of lower rainfall combined with Tabang operating at a lower than Budgeted SR due to dewatering issues and at the same time barging operations running smoothly as no major interruptions occurred as river levels remained high Asia remains the primary market for Bayan s coal. Top Customers 3Q2017 (by Sales Volume) are Mercuria Energy Trading Pte Ltd, TNB Fuel, and Sembcorp Gayatri Power Limited 3Q17 coal sales volume was 5.6 million MT which was higher than 2Q17 and the Budget 9

11 (US$ / MT) Average Selling Price (ASP) Average Selling Price (*) Q17 ASP of US$51.5/MT for coal and US$ 0.82/MT for non coal which was higher than 2Q17 of USD 49.0/MT for coal and US$ 1.2/MT for non coal and the Budgeted ASP of US$40.1/MT for coal and US$ 0.9/MT for non coal due to: Higher than Budgeted Benchmark coal prices * 2Q17 3Q17B 3Q17 (1) ASP includes coal and non-coal sales (2) US$ is a convenience translation using the average quarterly exchange rate for the quarter numbers (3) B stands for Budget Figure Partially offset with: Lower CV than the Budget (4,455 GAR vs 4,699) 3Q17 ASP was US$ 52.3/ MT which was higher than the Budget as the Company benefited from more exposure to the current higher benchmark prices 10

12 EBITDA (US$ Million) EBITDA Q2017 EBITDA was US$143.5 million which was significantly higher than the Budget of US$38.9 million due to higher sales volume, higher ASP and lower cash cost Q17 3Q17B 3Q17 Note : B stands for Budget Figure 3Q2017 EBITDA improved quarter on quarter principally as a result of the increase in sales volumes 11

13 Committed and Contracted Sales for million MT As at 30 September 2017 committed and contracted sales were 21.3 million MT with an average CV of 4,678 GAR kcal 91% 2017 Fixed Price element at US$ 49.67/ MT with an average CV of 4,659 GAR kcal 9% Floating Price 2017 Fixed Price Note : September

14 (in million US$) Total Net Debt and Cash Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Total Net Debt under USD 750M Deal Cash & Restricted Cash Based on draft accounts previous 12 month rolling EBITDA is US$ million Net Debt/EBITDA Ratio of 0.44x Prepaid USD million in September 2017 and prepaid USD 65 million in October

15 Capital Expenditure CAPEX (*) Q17 Capex was US$ 14.5 million which was higher than the Budget of US$ 9.1 million, principally consisted of: Tabang related infrastructure (i.e. Dry docking KFT-1, Asphalt Surfacing Coal Haul Road) VAT on the transfer of the coal haul road ownership from IP to BT 3Q17B 3Q17 * US$ is a convenience translation using the average annual exchange rate; * B stands for Budget Figure 14

16 Appendix PT Perkasa Inakakerta PT Teguh Sinarabadi PT Firman Ketaun Perkasa PT Wahana Baratama Mining PT Fajar Sakti Prima PT Bara Tabang PT Brian Anjat Sentosa PT Tanur Jaya PT Silau Kencana PT Orkida Makmur PT Tiwa Abadi PT Sumber Api PT Dermaga Energi PT Bara Sejati PT Apira Utama PT Cahaya Alam PT Mamahak Coal Mining PT Bara Karsa Lestari PT Mahakam Energi Lestari PT Mahakam Bara Energi PT Graha Panca Karsa PIK TSA FKP WBM FSP BT BAS TJ SK OM TA SA DE BS AU CA MCM BKL MEL MBE GPK Tabang Pakar Mamahak 15

17 Appendix Kangaroo Resources Limited PT Dermaga Perkasapratama PT Indonesia Pratama PT Muji Lines PT Bayan Energy PT Metalindo Prosestama PT Sumber Aset Utama PT Karsa Optima Jaya KRL DPP IP Muji BE MP SAU KOJ 16

18 Disclaimer 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. 17

19 Thank You 18