ICI Report 28 Mar'14

Weekly average ICI* prices

Argus/Coalindo

Copyright © 2014 Argus Media Ltd

Indonesian Coal Index Report

Additional information about the underlying assessments used to produce the ICI can be obtained from the publishers.Argus Media (London)...........................+ 44 20 7780 4200Argus Media (Singapore)......................+ 65 6496 9966PT Coalindo............................................+ 62 21 3001 2490*ICI is a trademark of Argus Media Limited and PT Coalindo.** Argus and Coalindo methodologies appear on page 2.Reproduction, scanning into an electronic retrieval system or copying to a database is strictly prohibited without the written permission of the publisher. Published weekly. Supplied under licence.

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ICI 2 differential to Argus fob Richards Bay $/t

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ICI 2 differential to Argus fob Newcastle $/t

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Argus/Coalindo is reviewing whether to raise the maximum for sulphur content to 1 pc for Indonesian coal grades GAR 5,800 kcal/kg (ICI 2), GAR 5,000 kcal/kg (ICI 3) and GAR 4,200 kcal/kg (ICI 4). To allow market participants more time to provide feedback, the review period is being extended to 4 April 2014. The proposed change is aimed at updating specifications to reflect evolving market conditions and capturing the growing spot trade to China and India using the broader specifications. Please contact Abdul Hadhi at (+65) 6496 9994 or [email protected] if you have any comments or questions.

Issue 013 Friday 28 March 2014

Monthly ICI averagesJan Feb Mar

ICI 1 83.22 80.41 78.32ICI 2 71.05 70.13 68.41ICI 3 57.54 57.12 56.30ICI 4 38.75 38.83 38.19ICI 5 27.43 26.51 25.63

Indonesian Coal Indices incorporating assessments by Argus Media and PT Coalindo**Grade (kcal) Price(US$/t)ICI 1 (Indonesian 6,500 GAR / 6,200 NAR) 77.45ICI 2 (Indonesian 5,800 GAR / 5,500 NAR) 66.74ICI 3 (Indonesian 5,000 GAR / 4,600 NAR) 56.07ICI 4 (Indonesian 4,200 GAR / 3,800 NAR) 37.33ICI 5 (Indonesian 3,400 GAR / 3,000 NAR) 25.60

Specifications FOB Kalimantan, per tonneTiming Sulphur Ash TM Size

ICI 1 in 90 days up to 1% up to 12% up to 12% PanamaxICI 2 in 90 days up to 0.8% up to 10% up to 18% PanamaxICI 3 in 90 days up to 0.6% up to 8% up to 30% PanamaxICI 4 in 90 days up to 0.4% up to 6% up to 40% Mother vesselICI 5 in 90 days up to 0.2% up to 4% up to 50% Mother vessel

http://www.argusmedia.com

Argus/Coalindo Indonesian Coal Index Report

Page 2 of 2 Copyright © 2014 Argus Media Ltd

Issue 013 Friday 28 March 2014

Argus/Coalindo ICI 2

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The Indonesian Coal Indices are derived from a 50/50 average of assessments by Argus Media and the panel submissions collated by Coalindo.

Argus Media LtdArgus Media’s contribution to the ICI represents Argus’ assessed price on the last working day of each week. A schedule of publication is available from Argus Media.The Argus team of specialist market reporters contacts a wide cross section of coal market participants by telephone, instant messenger and via email. A balance is maintained in this survey between sellers of physical coal, utility buyers, trading companies and broking companies. The market reporters/analysts record the transactions that are reported and verify all data. They then construct a volume weighted average of the transaction prices that meet the assessment criteria listed in the specification above. Transactions within the specifications above will influence the final assessment. Participants in the market survey are also asked where they see the level of prices in the market and, if applicable, if they have received or made any firm bids and/or offers for coal. Argus market specialists then assess the price of the specified grades of coal using all verified information.Information on transactions and offers that lie outside the specifications may be taken into account but information that lies within the listed specifications of the assessment will be given most weight. Prices on electronic trading platforms may be used as indicators of prevailing market prices, provided they meet all relevant specifications. For more information, go to www.argusmedia.com

PT Coalindo Energy /CoalindoThe Coalindo panels are comprised of a number of members balanced between representatives of coal producers, coal consumers, coal market intermediaries (traders and brokers). Every week - on the last working day of the week at 15:00 PM Jakarta time - the panel members will submit to Coalindo their views of the market price of Indonesian coal. These price submissions must represent the value of deals actually known to be done by the panelists or the value at which a deal could be done in the free and open market for delivery over the next 90 days. These submissions will be subject to review by Coalindo and its representatives to ensure that they are reliable and representative of the prompt spot market. Coalindo and its representatives may use a variety of means to ensure the reliability of the panel submissions, including but not limited to:• Excluding any submissions that are more than 20% higher or lower than inputs that were used in previous weeks accepted panel submissions,• Excluding any submissions that are more than 10% higher or lower than the previous weeks ICI price for a given grade after it is adjusted to account for moves in other regional markets ,• Other tests determined by Coalindo to be appropriate and proper to ensure accuracy.

Once these tests have been performed, the top and bottom 10% of submissions are eliminated and the remaining submissions are averaged. The remaining submissions are then averaged for each grade assessed. Coalindo averages are then averaged with the corresponding Argus assessments to produce the ICI numbers.

Methodologies

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Publisher Adrian Binks

Chief operating officer Neil Bradford

Global compliance officerJeffrey Amos

Commercial manager Jo Loudiadis

Editor in chief Ian Bourne

Managing editor, Global Cindy Galvin

Editor: Abdul Hadhi Tel: +65 6496 [email protected]

Customer support and salesemail: [email protected]

Singapore Tel: +65 6496 9966

London, UK Tel: +44 20 7780 4200

Astana, Kazakhstan Tel: +7 7172 54 04 60

Beijing, China Tel: + 86 10 6515 6512

Dubai Tel: +971 4434 5112

Moscow, Russia Tel: +7 495 933 7571

Rio de Janeiro, Brazil Tel: +55 21 3514 1450

Tokyo, Japan Tel: +81 3 3561 1805

Houston, USTel: +1 713 968 0000

New York, USTel: +1 646 376 6130

Argus/CoalindoIndonesian Coal Index Reportis published by Argus Media Ltd.

Registered office: Argus House, 175 St John St, London, EC1V 4LW Tel: +44 20 7780 4200 Fax: +44 870 868 4338email: [email protected]

ISSN 2049-8179Copyright noticeCopyright © 2014 Argus Media Ltd. All rights reserved.By reading this publication you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices or any other individual items of data) in any form or for any purpose whatsoever without the prior written consent of the publisher.

Trademark noticeARGUS, ARGUS MEDIA, the ARGUS logo, ARGUS/Coalindo Indonesian Coal Index Report, other ARGUS publication titles and ARGUS index names are trademarks of Argus Media Ltd.

Visit www.argusmedia.com/trademarks for more information.

DisclaimerThe data and other information published herein (the “Data”) are provided on an “as is” basis. Argus makes no warranties, express or implied, as to the accuracy, adequacy, timeliness, or completeness of the Data or fitness for any particular purpose. Argus shall not be liable for any loss or damage arising from any party’s reliance on the Data and disclaims any and all liability related to or arising out of use of the Data to the full extent permissible by law.

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ICI Report 28 Mar'14