["Leases and Rights \n1. Leases and Investment Incentives of the Company and its Subsidiaries and Joint Ventures \n1.1 Leases held by Subsidiaries in Indonesia \nProject \nLease No. \nCounty \nProvince \nArea \n(Hectare) \nExpiry Date \nLessee \nNotes \nJorong \n06PB0318 \nTanah Laut \nSouth \nKalimantan \n4,883 \n9 December \n2029 \nPT. Jorong \nBarutama \nGreston \nProduction \nIndominco \n01PB0435 \nBontang, \nKutai Timur, \nKutai \nKartanegara \nEast \nKalimantan \n24,121 \n31 March 2028 \nPT. \nIndominco \nMandiri \nProduction \nKitadin \n(Embalut) \nKTN 2013 006 OP \nEmbalut, \nKutai \nKartanegara \nEast \nKalimantan \n2,973 \n25 February 2022 PT. Kitadin Rehabilitation & \nMine \nMine Closure \nTrubaindo \n96PB0160 \nKutai Barat \nEast \nKalimantan \n22,687 \n27 February 2035 \nPT. \nTrubaindo \nCoal Mining \nProduction \nBharinto \n04PB0081 \nBarito Utara \n& Kutai Barat \nCentral \nand East \nKalimantan \n17,311 \n29 June 2041 \nPT. \nBharinto \nEkatama \nProduction \nTIS \n64.07.14.08 \n(Code\/Block Area) \nKutai Barat \nEast \nKalimantan \n2,065 \n11 April 2029 \nPT. Tepian \nIndah \nSukses \nProduction \nNPR \n3362053032014090 \nBarito Utara \nCentral \nKalimantan \n4,291 \n20 May 2033 \nPT. Nusa \nPersada \nResources \nProduction \nGPK \n64.07.19.16 \nKutai Barat \nEast \nKalimantan \n5,060 \n14 September \n2029 \nPT. Graha \nPanca \nKarsa \nProduction \n99 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","1.2 Leases held by Subsidiaries in Australia \nProject \nLease No. \nCounty \nState \nArea \n(Hectare) \nExpiry Date \nLessee \nNotes \nAirly \nML1331 \nAirly, Coco, \nMorundurey & \nBandamora \nNew South \nWales \n2,745 \n11 October 2035 \nCentennial \nAirly Pty Ltd. \nProduction \nAirly \nML1814 \nMorundurey \nNew South \nWales \n1,258 \n22 July 2042 \nCentennial \nAirly Pty Ltd. \nProduction \nAngus \nPlace \nML1424 \nWolgan, \nCox, Cook & \nMarangaroo \nNew South \nWales \n7,735 \n18 August 2024 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nCare & \nMaintenance \nAngus \nPlace \nCCL704 \nCox & Lidsdale \nNew South \nWales \n2,541 \n20 July 2039 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nCare & \nMaintenance \nAngus \nPlace \nML1699 \nCook \nNew South \nWales \n30.6 \n26 June 2035 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nCare & \nMaintenance \nAngus \nPlace \nML1720 \nCook \nNew South \nWales \n158.9 \n23 November 2036 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nCare & \nMaintenance \nAngus \nPlace \nML1853 \nCox, Lidsdale \nNew South \nWales \n92.7 \n25 May 2044 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nCare & \nMaintenance \nBlue \nMountains \nCCL738 \nLett \nNew South \nWales \n1,116 \n28 September 2025 \nHartley Valley Coal \nCompany Pty Ltd. \nClosed \nBlue \nMountains \nML1457 \nLett & \nMarangaroo \nNew South \nWales \n185.1 \n4 November 2033 \nHartley Valley Coal \nCompany Pty Ltd. \nClosed \nCharbon \nMPL505 \nClandulla \nNew South \nWales \n0.4 \n11 August 2026 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nMPL526 \nWells, \nClandulla & \nRylstone \nNew South \nWales \n7.1 \n14 December 2024 \nCharbon Coal \nPty Ltd. \nClosed \n100 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Project \nLease No. \nCounty \nState \nArea \n(Hectare) \nExpiry Date \nLessee \nNotes \nCharbon \nMPL499 \nClandulla \nNew South \nWales \n0.8 \n28 May 2026 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nML1318 \nClandulla \nNew South \nWales \n983 \n29 June 2026 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nML1384 \nClandulla \nNew South \nWales \n195.5 \n18 January 2038 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nML1501 \nClandulla \nNew South \nWales \n13 \n20 December 2043 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nML1545 \nClandulla \nNew South \nWales \n204.7 \n9 January 2025 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nCCL732 \nClandulla \nNew South \nWales \n1,024 \n2 December 2025 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nMPL670 \nRylstone & \nClandulla \nNew South \nWales \n9.9 \n26 March 2045 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nML1524 \nClandulla \nNew South \nWales \n20.3 \n27 October 2044 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nMPL964 \nClandulla \nNew South \nWales \n4.9 \n20 November 2044 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nMPL270 \nClandulla \nNew South \nWales \n213.7 \n29 April 2026 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nML1647 \nClandulla \nNew South \nWales \n570.9 \n17 December 2031 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nML1663 \nClandulla \nNew South \nWales \n52.5 \n9 January 2033 \nCharbon Coal \nPty Ltd. \nClosed \nCharbon \nML1850 \nRoxburgh \nNew South \nWales \n51.3 \n15 May 2044 \nCharbon Coal \nPty Ltd. \nClosed \nClarence \nCCL705 \nClwydd, \nMarangaroo & \nRock Hill \nNew South \nWales \n3,210 \n20 December 2026 \nCoalex Pty Ltd. \nand Clarence Coal \nInvestments Pty Ltd. \nProduction \nClarence \nML1354 \nClwydd & \nCook \nNew South \nWales \n155.3 \n21 July 2036 \nCoalex Pty Ltd. \nand Clarence Coal \nInvestments Pty Ltd. \nProduction \nClarence \nML1353 \nClwydd, Cook New South \n& Rock Hill \nWales \n1,075 \n21 July 2036 \nCoalex Pty Ltd. \nand Clarence Coal \nInvestments Pty Ltd. \nProduction \n101 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Project \nLease No. \nCounty \nState \nArea \n(Hectare) \nExpiry Date \nLessee \nNotes \nClarence \nML1583 \nClwydd, \nMarangaroo, \nLett \nNew South \nWales \n3,331 \n9 July 2027 \nCoalex Pty Ltd.. \nProduction \nClarence \nML1721 \nClwydd \nNew South \nWales \n5.1 \n7 December 2036 \nCoalex Pty Ltd. \nand Clarence Coal \nInvestments Pty Ltd. \nProduction \nIvanhoe \nML1627 \nCullen Bullen \nNew South \nWales \n79.8 \n2 February 2030 \nIvanhoe Coal \nPty Ltd. \nClosed \nIvanhoe \nCCL712 \nCullen Bullen, New South \nCox & Falnash \nWales \n1,628 \n28 June 2027 \nIvanhoe Coal \nPty Ltd. \nClosed \nIvanhoe \nML1301 \nCox \nNew South \nWales \n5.1 \n28 September 2034 \nIvanhoe Coal \nPty Ltd. \nClosed \nIvanhoe \nMPL348 \nCox \nNew South \nWales \n9.5 \n24 May 2025 \nIvanhoe Coal \nPty Ltd. \nClosed \nMandalong \nML1443 \nMorisset, Dora New South \n& Mandolong \nWales \n3,648 \n1 March 2043 \nCentennial \nMandalong \nPty Ltd. \nProduction \nMandalong \nML1543 \nMandolong \nNew South \nWales \n172.5 \n25 November 2024 \nCentennial \nMandalong \nPty Ltd. \nProduction \nMandalong \nMPL191 \nCoorumbung \nNew South \nWales \n0.6 \n25 February 2044 \nCentennial \nMandalong \nPty Ltd. \nProduction \nMandalong \nCCL762 \nDora, Awaba, \nMandolong, \nMorisset & \nWallarah \nNew South \nWales \n2,940 \n13 October 2043 \nCentennial \nMandalong \nPty Ltd. \nProduction \nMandalong \nML1553 \nMorisset \nNew South \nWales \n64.3 \n7 September 2025 \nCentennial \nMandalong \nPty Ltd. \nProduction \nMandalong \nML1722 \nMandolong, \nMorisset, \nWyong & \nMunmorah \nNew South \nWales \n3,206 \n17 December 2036 \nCentennial \nMandalong \nPty Ltd. \nProduction \n102 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Project \nLease No. \nCounty \nState \nArea \n(Hectare) \nExpiry Date \nLessee \nNotes \nMandalong \nML1744 \nMandolong, \nWyong, Olney \nNew South \nWales \n409 \n6 October 2037 \nCentennial \nMandalong \nPty Ltd. \nProduction \nMandalong \nML1793 \nCoorumbung \nNew South \nWales \n6.4 \n16 July 2040 \nCentennial \nMandalong \nPty Ltd. \nProduction \nMandalong \nML1852 \nCoorumbung \nNew South \nWales \n2.4 \n25 May 2044 \nCentennial \nMandalong \nPty Ltd. \nProduction \nMannering \nCCL721 \nMorisset & \nWallarah \nNew South \nWales \n579 \n29 July 2026 \nCentennial \nMannering \nPty Ltd. \nClosed \nSubleased to \nChain Valley \nMannering \nCCL719 \nWallarah \nNew South \nWales \n964.4 \n3 July 2031 \nCentennial \nMannering \nPty Ltd. \nClosed \nSubleased to \nChain Valley \nMunmorah \nCCL720 \nWallarah & \nMunmorah \nNew South \nWales \n58.8 \n12 December 2039 \nCentennial \nMunmorah Pty Ltd. \nClosed \nMunmorah \nCCL722 \nMorisset, \nWallarah, \nMunmorah & \nTuggerah \nNew South \nWales \n978.3 \n28 June 2028 \nCentennial \nMunmorah Pty Ltd. \nClosed \nSubleased to \nChain Valley \nMyuna \nMPL334 \nAwaba \nNew South \nWales \n33.3 \n19 October 2036 \nCentennial \nMyuna \nPty Ltd. \nProduction \nMyuna \nML1370 \nWallarah \nNew South \nWales \n524 \n7 March 2033 \nCentennial \nMyuna \nPty Ltd. \nProduction - \nPart Subleased \nto Chain Valley \nColliery \nMyuna \nML1632 \nAwaba, \nCoorumbung, \nWallarah \n& Morisset \nNew South \nWales \n6,125 \n13 October 2043 \nCentennial \nMyuna \nPty Ltd. \nProduction - \nPart Subleased \nto Chain Valley \nColliery \nNeubecks \nProject \nCCL756 \nCox \nNew South \nWales \n101 \n6 December 2024 \nCentennial \nSpringvale \nPty Ltd. \nProject \nNewstan \nCCL746 \nAwaba & \nCoorumbung \nNew South \nWales \n3,308 \n31 December 2028 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \n103 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Project \nLease No. \nCounty \nState \nArea \n(Hectare) \nExpiry Date \nLessee \nNotes \nNewstan \nCCL764 \nTeralba & \nAwaba \nNew South \nWales \n108.8 \n19 May 2041 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nCCL763 \nAwaba \nNew South \nWales \n190.9 \n9 June 2032 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nPLL497 \nAwaba \nNew South \nWales \n20.2 \n24 August 2038 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nML1587 \nAwaba \nNew South \nWales \n3 \n23 October 2027 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nML1586 \nAwaba & \nCoorumbung \nNew South \nWales \n449.1 \n13 October 2022 \n(Expired) \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nML1452 \nAwaba & \nCoorumbung \nNew South \nWales \n1,587 \n6 July 2020 \n(Renewal Submitted) \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nCCL727 \nTeralba & \nAwaba \nNew South \nWales \n2,194.1 \n12 August 2027 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nMPL328 \nAwaba \nNew South \nWales \n0.4 \n5 August 2036 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nML1380 \nAwaba \nNew South \nWales \n78 \n18 September 2037 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nMPL304 \nTeralba \nNew South \nWales \n0.7 \n25 March 2035 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nMPL305 \nAwaba \nNew South \nWales \n0.4 \n25 March 2035 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nML1480 \nAwaba \nNew South \nWales \n14.5 \n20 July 2044 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nMPL327 \nAwaba \nNew South \nWales \n1 \n5 August 2036 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \n104 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Project \nLease No. \nCounty \nState \nArea \n(Hectare) \nExpiry Date \nLessee \nNotes \nNewstan \nML1797 \nAwaba & \nTeralba \nNew South \nWales \n43.1 \n20 July 2028 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nNewstan \nML1826 \nAwaba & \nTeralba \nNew South \nWales \n287.1 \n10 January 2030 \nCentennial Newstan \nPty Ltd. \nCare & \nMaintenance \nSpringvale \nML1303 \nLidsdale & \nMarangaroo \nNew South \nWales \n713 \n15 December 2034 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nSpringvale \nML1588 \nCook & \nClwydd \nNew South \nWales \n976 \n19 October 2027 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nSpringvale \nCL377 \nLidsdale & \nMarangaroo \nNew South \nWales \n1,105 \n9 March 2025 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nSpringvale \nMPL314 \nLidsdale \nNew South \nWales \n96 \n3 August 2035 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nSpringvale \nML1323 \nLidsdale & \nMarangaroo \nNew South \nWales \n30.1 \n3 August 2035 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nSpringvale \nML1537 \nMarangaroo \nNew South \nWales \n4.1 \n15 June 2045 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nSpringvale \nML1326 \nClwydd, \nCook, Cox & \nMaranagroo \nNew South \nWales \n2,157 \n18 August 2024 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nSpringvale \nML1352 \nCox & Lidsdale \nNew South \nWales \n7.6 \n23 June 2036 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nSpringvale \nML1670 \nCook \nNew South \nWales \n0.3 \n17 February 2033 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \n105 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Project \nLease No. \nCounty \nState \nArea \n(Hectare) \nExpiry Date \nLessee \nNotes \nSpringvale \nML1727 \nClwydd, Cook, New South \nMaranagroo \nWales \n1,256 \n4 February 2037 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nSpringvale \nML1843 \nCook & \nMaranagroo \nNew South \nWales \n19 \n7 February 2044 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nWestern \nMain \nCL361 \nLidsdale \nNew South \nWales \n14.3 \n16 July 2032 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nTitles were \nrelinquished \ndue to resource \nrecovery being \ncompleted \nWestern \nMain \nPLL133 \nLidsdale \nNew South \nWales \n16.5 \n10 August 2024 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nTitles were \nrelinquished \ndue to resource \nrecovery being \ncompleted \nWestern \nMain \nML204 \nLidsdale & \nCook \nNew South \nWales \n10.1 \n27 May 2033 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nTitles were \nrelinquished \ndue to resource \nrecovery being \ncompleted \nWestern \nMain \nCL394 \nLidsdale \nNew South \nWales \n17 \n27 May 2034 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nTitles were \nrelinquished \ndue to resource \nrecovery being \ncompleted \nWestern \nMain \nML564 \nLidsdale \nNew South \nWales \n19.8 \n2 May 2023 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nTitles were \nrelinquished \ndue to resource \nrecovery being \ncompleted \nWestern \nMain \nML1448 \nLidsdale \nNew South \nWales \n95.2 \n31 May 2043 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nProduction \nWestern \nMain \nCCL733 \nCox & Lidsdale \nNew South \nWales \n146.7 \n3 July 2027 \nCentennial \nSpringvale Pty Ltd. cancelled due \nand Boulder Mining \nPty Ltd. \nLarge area of \nsubsurface part \nto resource \nrecovery being \ncompleted. \nWestern \nMain \nML1319 \nCox \nNew South \nWales \n1.5 \n5 July 2035 \nCentennial \nSpringvale Pty Ltd. \nand Boulder Mining \nPty Ltd. \nClosed \n106 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","1.3 Leases held by Subsidiaries in the People\u2019s Republic of China \nProject \nLease No. \nCounty \nState \nArea \n(Hectare) \nExpiry Date \nLessee \nNotes \nGaohe \nC1000002 \n01010111 \n0077581 \nChangzhi \nCounty, \nChangzhi City \nShanxi \n65.0596 \n14 October 2040 \nShanxi Gaohe \nEnergy Co., Ltd. \nProduction \nHebi \n10000 \n0052 \n0080 \nHeshan \nDistrict, \nHebi City \nHenan \n23.4825 \n14 July 2035 \nHebi Zhong Tai \nMining Co., Ltd. \nProduction \nLocation \nRight Holder \nArea \n(sq. m) \nStart Date \nExpiry Date \nPurpose \nBook Value \nof Land \nUse Right \n(THB \nThousand) \nZhending \nCounty \nShijiazhuang \nCity, Hebei \nProvince \nShijiazhuang \nChengfeng Cogen \nCo., Ltd. \n7,132 \n67,354 \n17,665 \n23,135 \n27 December 2006 \n16 February 1998 \n28 December 2016 \n18 April 2001 \n2 September 2053 \n30 November 2047 \n26 March 2062 \n17 April 2031 \nTo be the location \nof Zhengding \nCombined Heat and \nPower Plant \n83,508 \nLuannan \nCounty \nTangshan \nCity, Hebei \nProvince \nTangshan Banpu \nHeat and Power \nCo., Ltd. \n225,172 \n2,100 \n90,370 \n40,960 \n18 April 2020 \n22 September 2018 \n1 January 2017 \n1 January 2017 \n18 April 2070 \n21 September 2068 \n31 December 2066 Combined Heat and \nUnder Consideration \nby Government \nAgencies \nTo be the location \nof Luannan \nPower Plant \n394,397 \nZouping \nCounty \nBinzhou \nPrefecture, \nShandong \nProvince \nZouping Peak \nCHP Co., Ltd. \n105,831 \n18,190 \n24,315 \n30 August 2001 \n29 December 2007 \n29 December 2008 \n3 July 2051 \n29 December 2056 \n3 December 2058 \nTo be the location \nof Zouping \nCombined Heat and \nPower Plant \n32,358 \n2. Land Use Rights of Power Business in the People\u2019s Republic of China \n107 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","COAL AND NATURAL GAS RESERVES \nDetails of coal reserves and sales volume as of 31 December 2023 \nare as follows: \nCoal Mine \nReserves as of \n31 Dec 2022 \nReserves \nReduce 2023 \nSales Volume \nJan - Dec 2023 \nReserves as of \n31 Dec 2023 \n1. \nIndonesia \n1.1 Jorong \n1.2 Indominco \n1.3 Kitadin \n1.4 Trubaindo \n1.5 Bharinto \n1.6 Graha Panca Karsa \n1.7 NPR Project \n7.28 \n23.54 \n0.12 \n32.52 \n135.84 \n21.50 \n77.40 \n- \n- \n0.12 \n- \n- \n- \n- \n0.58 \n6.56 \n- \n2.80 \n6.99 \n- \n- \n6.70 \n16.98 \n(0.00) \n29.72 \n128.86 \n21.50 \n77.40 \n2. Australia \n252.62 \n- \n6.46 \n246.16 \n3. China \n3.1 Gaohe \n3.2 Hebi Zhongtai \n100.15 \n12.93 \n- \n- \n9.37 \n0.90 \n90.79 \n12.04 \nTotal \n663.91 \n0.12 \n33.64 \n630.15 \nNote: \n A full name of NPR Project is Nusa Persada Resources Project. \n (Unit: Million Tonnes) \n108 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Details of natural gas reserves and sales volume as of 31 December 2023 \nare as follows: \nNatural Gas Reserves as of 31 December 2022 \n5,785,289 \n1. Reserves addition from XTO acquisition \n2. Adjustment on reserve estimation \n3. Production and sales 2023 \n- \n(321,765) \n(313,800) \nNatural Gas Reserves as of 31 December 2023 \n5,149,724 \nNote: \n Natural Gas Reserves from the Marcellus and Barnett shales refer to Reserve Report's Ryder Scott. \n(Unit: Million Cubic Feet) \n109 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu Public Company Limited \n110 \nBanpu Energy Services (Thailand) Co., Ltd. 100.00% \nBanpu Innovation & Ventures LLC 100.00% \nLIV Energy Venture Pte. Ltd. \n30.00% \nBanpu Innovation & Ventures (Singapore) Pte. Ltd. 100.00% \nBanpu NEXT EcoServe Co., Ltd. 100.00% \nBanpu NEXT Green Leasing Co., Ltd. 100.00% \nBPIN Investment Co., Ltd. 100.00% \nBRE Singapore Pte. Ltd. 100.00% \nBanpu Japan K.K. 100.00% \nBanpu Renewable Singapore Pte. Ltd. 100.00% \nBPP Renewable Investment (China) Co., Ltd. 100.00% \nFOMM Corporation 21.32% \nUrban Mobility Tech Co., Ltd. \n39.74% \nAizu Energy Pte. Ltd. 100.00% \nBeyond Green Co., Ltd. 39.18% \nEvolt Technology Co., Ltd. \n23.81% \nPT. ITM Bhinneka Power \n*** \n30.00% \nGEPP Sa-Ard Co., Ltd. 25.00% \nBanpu NEXT Green Energy Co., Ltd. 100.00% \n40.00% \nAltotech Global Co., Ltd. \n25.00% \nHaupcar Co., Ltd. \n22.54% \nBLCP Power Ltd. 50.00% \nBanpu Power Investment Co., Ltd. 100.00% \nGreen Li-ion Pte. Ltd. \n4.51% \nOyika Pte. Ltd. \n15.91% \n100.00% \nBanpu Innovation \n& Ventures \nCo., Ltd. \n100.00% \nBOG Co., Ltd. \n78.66% \nBanpu Power \nPublic Company \nLimited \nBP Overseas \nDevelopment \nCo., Ltd. \n100.00% \n100.00% \nBanpu Vietnam \nLLC \n100.00% \nBanpu Minerals \nCo., Ltd. \n50.00% \n50.00% \nBanpu NEXT \nCo., Ltd. \nAsian American Coal, Inc. 100.00% \nBanpu International Ltd. 100.00% \nBanpu Coal Investment Co., Ltd. 100.00% \nHebi Zhong Tai Mining Co., Ltd. \n40.00% \nBanpu Minerals (Singapore) Pte. Ltd. \n50.00% \n50.00% \nBanpu Engineering \nServices Co., Ltd. \n100.00% \nBKV-BPP Power, LLC \n** \n50.00% \n100.00% \nBanpu Ventures \nPte. Ltd. \nHongsa Power Co., Ltd. 40.00% \nPhu Fai Mining Co., Ltd. \n37.50% \nBanpu Power (Japan) Co., Ltd. 100.00% \nBanpu Coal Power Ltd. 100.00% \nBPPUS Power Trading, LLC 100.00% \nBKV-BPP Cotton Cove, LLC**** 49.00% \nBanpu Power US Corporation 100.00% \nBanpu Power International Ltd. 100.00% \nAizu Land Solar G.K. 100.00% \nHokkaido Solar Estate G.K. \n60.00% \nAura Land Development Pte. Ltd. 75.00% \nBanpu Australia Co. Pty Ltd. 100.00% \nShanxi Gaohe Energy Co., Ltd. 45.00% \nBanpu Singapore Pte. Ltd. 100.00% \nBPP Vinh Chau Wind Power LLC 100.00% \nEl Wind Mui Dinh Ltd. 100.00% \nSolar Esco Joint Stock Company 49.00% \nLCE Ninh Thuan \n* \n100.00% \nJ&A Energy G.K. 86.80% \nBanpu Taiyo 1 G.K. \nAizu Renewable Services G.K. 100.00% \n100.00% \nBanpu Power Trading G.K. 100.00% \nBanpu Renewable Australia Pty Ltd. 100.00% \nGlobal Engineering Co., Ltd. 19.164% \nBKV Corporation 96.38% \nBanpu North America Corporation 100.00% \nKalnin Ventures, LLC 100.00% \nBKV Midstream, LLC 100.00% \nBKV dCarbon Ventures, LLC 100.00% \nBKV North Texas, LLC 100.00% \nBKV-BPP Power, LLC \n** \n50.00% \nBANPU PUBLIC \nCOMPANY LIMITED \nDurapower Holdings Pte. Ltd. \n65.10% \nBanpu NEXT Green Services Co., Ltd. 100.00% \n100.00% \nSuzhou Durapower Technology Co., Ltd. \n100.00% \nDurapower Technology Group B. V. \n100.00% \nDurapower Technology (Singapore) Pte. Ltd. \n100.00% \nDurapower Technology (Thailand) Co., Ltd. \n BNSP Smart Tech Co., Ltd. 51.00% \nBKV-BPP Retail, LLC 100.00% \nBKV-BPP Ponder Solar, LLC 100.00% \nTemple Generation Holdings, LLC 100.00% \nBanpu (Beijing) Energy Trading Ltd. 100.00% \nHunnu Coal Pty Ltd. 100.00% \nPT. Indo Tambangraya Megah Tbk 65.14% \nBKV-BPP Cotton Cove, LLC**** 51.00% \n100.00% \nHigh West Sequestration, LLC \n100.00% \nBKV dCarbon Temple, LLC \n100.00% \nBKV dCarbon Barnett Zero, LLC \n100.00% \nBKV dCarbon High West, LLC \n100.00% \nBKVerde, LLC \nSVOT Energy Technology (Thailand) Co., Ltd. \nHunnu Investments Pte. Ltd. 100.00% \nHunnu Altai LLC 100.00% \nHunnu Gobi \nAltai LLC \n80.00% \nHunnu Altai \nMinerals LLC 100.00% \nHunnu Resources LLC 100.00% \nMunkh Sumber Uul LLC 100.00% \nBilegt Khairkhan Uul LLC 100.00% \nMunkhnoyon Suvraga LLC 100.00% \nDP NEXT Co., Ltd. \n30.00% \n70.00% \nBANPU GROUP STRUCTURE \nAs of 31 December 2023","Nakoso IGCC Power Plant GK 40.00% \nBanpu Energy Holding \nPty Ltd. \n80.00% \n20.00% \nCentennial Wallarah \nPty Ltd. 100.00% \nCentennial Inglenook \nPty Ltd. 100.00% \nCentennial Coal Sales \nand Marketing Pty Ltd. 100.00% \nCentennial Northern Coal \nServices Pty Ltd. 100.00% \nCentennial Airly Pty Ltd. 100.00% \nBerrima Coal Pty Ltd. 100.00% \nCentennial Angus Place \nPty Ltd. 100.00% \nCentennial Coal \nInfrastructure Pty Ltd. 100.00% \nCentennial Fassifern \nPty Ltd. 100.00% \nCentennial Northern \nMining Services Pty Ltd. 100.00% \nCentennial Mandalong \nPty Ltd. 100.00% \nCentennial Mannering \nPty Ltd. 100.00% \nCentennial Munmorah \nPty Ltd. 100.00% \nCentennial Myuna Pty Ltd. 100.00% \nCentennial Springvale \nHoldings Pty Ltd. 100.00% \nCentennial Newstan Pty Ltd. 100.00% \nCharbon Coal Pty Ltd. 100.00% \nCoalex Pty Ltd. 100.00% \nHartley Valley Coal \nCo. Pty Ltd. 100.00% \nCentennial Clarence Pty Ltd. 100.00% \nIvanhoe Coal Pty Ltd. 100.00% \nPowercoal Employees \nEntitlements Co. Pty Ltd. \n50.00% \nCentennial Drilling \nServices Pty Ltd. 100.00% \nPort Kembla Coal \nTerminal Ltd. \n16.66% \nShijiazhuang Chengfeng \nNew Energy Co., Ltd. 100.00% \nZouping Peak CHP Co., Ltd. \n70.00% \nTangshan Banpu Heat \nand Power Co., Ltd. \n12.08% \n87.92% \nNakoso IGCC \nManagement Co., Ltd. \n33.50% \nShanxi Lu Guang Power \nCo., Ltd. \n30.00% \nPan-Western Energy \nCorporation LLC 100.00% \nBanpu Investment (China) \nLtd. 100.00% \nShijiazhuang Chengfeng \nCogen Co., Ltd. 100.00% \nZouping Peak Pte. Ltd. 100.00% \nFS NSW Project No 1 AT \nPty Ltd. 100.00% \nFS NSW Project No 1 \nAsset Trust 100.00% \nFS NSW \nProject No 1 \nFinco Pty Ltd. \n100.00% \nManildra Asset Trust 100.00% \nManildra Prop Pty Ltd. 100.00% \nManildra Solar \nFarm Pty Ltd. 100.00% \nManildra Finco \nPty Ltd. 100.00% \nTemple Generation I, LLC 100.00% \nTemple Generation ll, LLC 100.00% \n50.00% \n50.00% \nAnqiu Huineng Renewable \nEnergy Co., Ltd. 100.00% \nWeifang Tian\u2019en Jinshan \nComprehensive Energy \nCo., Ltd. \n100.00% \nDongping County \nHaoyuan Solar Power \nGeneration Co., Ltd. \n100.00% \nJiaxing Deyuan \nEnergy-Saving Technology \nCo., Ltd. \n100.00% \nFeicheng Xingyu Solar \nPower PV Technology \nCo., Ltd. \n100.00% \nAnqiu County Hui\u2019en PV \nTechnology Co., Ltd. 100.00% \nJiangsu Jixin Electric \nPower Co., Ltd. 100.00% \nBanpu Energy Hold Trust 20.00% \n80.00% \nFS NSW Project \nNo 1 Hold Trust \nPty Ltd. \n100.00% \nFS NSW Project \nHold Trust 100.00% \nManildra \nHold Trust 100.00% \nManildra Prop \nHold Pty Ltd. 100.00% \nClarence Coal \nInvestments Pty Ltd. 100.00% \nClarence Colliery Pty Ltd. 100.00% \nClarence Coal Pty Ltd. 100.00% \nCentennial Springvale \nPty Ltd. 100.00% \nSpringvale Coal Pty Ltd. \n100.00% \nBoulder Mining Pty Ltd. \n100.00% \nSpringvale Coal Sales \nPty Ltd. \n50.00% \n50.00% \nPowercoal Pty Ltd. 100.00% \nPowercoal Superannuation \nPty Ltd. 100.00% \nCollieries Superannuation \nPty Ltd. 100.00% \nMandalong Pastoral \nManagement Pty Ltd. 100.00% \nHuntley Colliery Pty Ltd. 100.00% \nElcom Collieries Pty Ltd. 100.00% \nTemple Generation \nIntermediate Holding II, LLC 100.00% \nTemple Generation \nSF, LLC \nBKV Barnett, LLC 100.00% \nBKV Operating, LLC 100.00% \nBKV Chelsea, LLC 100.00% \nBKV Chaffee Corners, LLC 100.00% \nPT. ITM Energi Utama 99.99% \nPT. Tepian Indah Sukses 100.00% \nPT. Sentral Mutiara Energy \n95.07% \n4.93% \nPT. Cahaya \nPower Indonesia \n79.50% \nPT. IBP \nHydro Power 100.00% \nPT. Graha \nPanca Karsa 70.00% \nPT. Nusantara \nTimur Unggul \n33.34% \nPT. Energi Batubara \nPerkasa 100.00% \nPT. ITM \nBhinneka Power \n*** \n70.00% \nPT. Nusa Persada Resources 100.00% \nPT. ITM Batubara Utama 100.00% \nPT. Tambang Raya Usaha \nTama 100.00% \nPT. Jorong Barutama \nGreston 100.00% \nPT. Bharinto Ekatama 100.00% \nPT. Trubaindo Coal Mining 100.00% \nPT. Indominco Mandiri 100.00% \nPT. Kitadin 100.00% \nPT. Gas Emas 94.80% \n3.90% \nPT. ITM Indonesia 100.00% \nAFE Investments Pty Ltd. 100.00% \nACN 152 429 206 Pty Ltd. 100.00% \nCentennial Coal Co. Pty Ltd. 100.00% \nAirly Solar \nPty Ltd. 100.00% \nBanpu Energy Australia \nPty Ltd. 100.00% \nPT. Centra Multi \nSuryanesia Aset \n65.00% \nNote: \n* \nLCE Ninh Thuan is a short name of Licogi 16 Ninh Thuan Investment \nRenewable Energy Joint Stock Company \n** \nBKV-BPP Power, LLC \n\u2022 \n50.00% held by BKV Corporation \n\u2022 \n50.00% held by Banpu Power US Corporation \n*** \nPT. ITM Bhinneka Power \n\u2022 \n70.00% held by PT. Indo Tambangraya Megah Tbk \n\u2022 \n30.00% held by Banpu NEXT Co., Ltd. \n**** \nBKV-BPP \n Cotton Cove, \nLLC \n\u2022 \n51.00% held by BKV dCarbon Ventures, LLC \n\u2022 \n49.00% held by Banpu Power US Corporation \n111 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","DETAIL OF THE COMPANY, ITS SUBSIDIARIES, \nASSOCIATED COMPANIES, JOINT VENTURES AND OTHER \nINVESTMENT OF BANPU PUBLIC COMPANY LIMITED \nName \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n1 Banpu Public \nCompany \nLimited \nEnergy \n10,149,163,028 \nTHB \n10,018,902,725 \nTHB \n10,018,902,275 \n1 - \n1550, Thanapoom Tower, \n27 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2694 \n6600 \nSubsidiary companies \nThailand \n2 Banpu Minerals \nCo., Ltd. \nCoal mining and \ntrading \n52,462,730,000 \nTHB \n52,462,730,000 \nTHB \n52,462,730 \n1,000 \n100.00% \n(held by Banpu \nPublic Company \nLimited) \n1550, Thanapoom Tower, \n27 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2694 \n6600 \n3 Banpu NEXT \nGreen Energy \nCo., Ltd. \nSmart clean \nenergy solution \nbusiness \n80,000,000 \nTHB \n80,000,000 \nTHB \n800,000 \n100 \n100.00% \n(held by Banpu \nNEXT Co., Ltd.) \n1550, Thanapoom Tower, \n24 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2095 \n6569 \n4 Banpu \nInternational \nLtd. \nInvestment \nstudying \n1,040,000,000 \nTHB \n1,040,000,000 \nTHB \n104,000,000 \n10 \n100.00% \n(held by Banpu \nMinerals Co., Ltd.) Road, Makkasan, Ratchathewi, \n1550, Thanapoom Tower, \n27 Floor, New Petchburi \nth \nBangkok 10400, Thailand \n+66 2694 \n6600 \n5 BOG Co., Ltd. \nInvestment in \nenergy business \n33,506,000,000 \nTHB \n30,924,700,000 \nTHB \n335,060,000 \n100 \n100.00% \n(held by Banpu \nPublic Company \nLimited) \n1550, Thanapoom Tower, \n27 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2694 \n6600 \n6 Banpu \nEngineering \nServices \nCo., Ltd. \nInvestment \nin alternative \nenergy \n212,000,000 \nTHB \n212,000,000 \nTHB \n21,200,000 \n10 \n100.00% \n(held by Banpu \nPublic Company \nLimited) \n1550, Thanapoom Tower, \n27 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2694 \n6600 \n7 Banpu Energy \nServices \n(Thailand) \nCo., Ltd. \nInvestment \nin alternative \nenergy \n139,124,430 \nTHB \n139,124,430 \nTHB \n13,912,443 \n10 \n100.00% \n(held by Banpu \nEngineering \nServices Co., Ltd.) \n1550, Thanapoom Tower, \n27 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2694 \n6600 \n8 Banpu \nInnovation & \nVentures \nCo., Ltd. \nResearch and \ndevelopment \nin disruptive \ntechnology \n460,135,500 \n THB \n460,135,500 \nTHB \n4,601,355 \n100 \n100.00% \n(held by Banpu \nPublic Company \nLimited) \n1550, Thanapoom Tower, \n27 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2694 \n6600 \n9 Banpu Power \nPublic \nCompany \nLimited \nEnergy \ngeneration \nbusiness \n31,012,020,000 \nTHB \n30,477,317,000 \nTHB \n3,047,731,700 \n10 \n78.66% \n(held by Banpu \nPublic Company \nLimited) \n1550, Thanapoom Tower, \n26 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2007 \n6000 \n10 Banpu Coal \nPower Ltd. \nInvestment in \nenergy and \npower business \n5,138,087,160 \nTHB \n5,138,087,160 \nTHB \n513,808,716 \n10 \n100.00% \n(held by Banpu \nPower Public \nCompany Limited) Bangkok 10400, Thailand \n1550, Thanapoom Tower, \n26 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \n+66 2007 \n6000 \n11 Banpu Power \n(Japan) \nCo., Ltd. \nInvestment \nin renewable \nenergy business \n5,000,000 \nTHB \n5,000,000 \nTHB \n500,000 \n10 \n100.00% \n(held by Banpu \nPower Public \nCompany Limited) \n1550, Thanapoom Tower, \n26 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2007 \n6000 \nAs of 31 December 2023 \n112 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n12 Banpu NEXT \nCo., Ltd. \nSmart clean \nenergy solution \nbusiness \n18,795,000,000 \nTHB \n18,795,000,000 \nTHB \n1,879,500,000 \n10 \n50.00% (held by \nBanpu Public \nCompany Limited) \n50.00% (held by \nBanpu Power Public \nCompany Limited) \n1550, Thanapoom Tower, \n24 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2095 \n6569 \n13 Banpu Next \nGreen Leasing \nCo., Ltd. \nInvestment in \nenergy business \nand leasing \n50,000,000 \nTHB \n50,000,000 \nTHB \n5,000,000 \n10 \n100.00% \n(held by Banpu \nNEXT Co., Ltd.) \n1550, Thanapoom Tower, \n24 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2095 \n6569 \n14 Banpu NEXT \nEcoServe \nCo., Ltd. \nProviding energy \nmanagement \nservices \n228,000,000 \nTHB \n207,000,000 \nTHB \n2,280,000 \n100 \n100.00% \n(held by Banpu \nNEXT Co., Ltd.) \n1550, Thanapoom Tower, \n24 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2095 \n6569 \n15 Banpu NEXT \nGreen Services \nCo., Ltd \nElectric vehicle \nand charging \nstations \nbusiness \n1,000,000 \nTHB \n1,000,000 \nTHB \n100,000 \n10 \n100.00% \n(held by Banpu \nNEXT Green \nLeasing Co., Ltd.) \n1550 Thanapoom Tower, \n24 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2095 \n6595 \n16 DP NEXT \nCo., Ltd. \nAssembly and \nsale of battery \n92,865,000 \nTHB \n92,865,000 \nTHB \n928,650 \n100 \n70.00% \n(held by Banpu \nNEXT Co., Ltd.) \n30.00% \n(held by Durapower \nTechnology \n(Thailand) Co., Ltd.) \n1550 Thanapoom Tower, \n24 Floor, New Petchburi \nth \nRoad, Makkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2095 \n6595 \n17 Durapower \nTechnology \n(Thailand) \nCo., Ltd. \nManufacture of \nbatteries and \naccumulators \n3,000,000 \nTHB \n3,000,000 \nTHB \n30,000 \n100 \n100.00% \n(held by \nDurapower \nHoldings Pte. Ltd.) \n75\/19 Ocean Tower 2, \n16 Floor, Soi Sukhumvit 19 \nth \n(Wattana), Klongtoey Nua, \nWattana, Bangkok 10110, \nThailand \nN\/A \nRepublic of Indonesia \n18 PT. Indo \nTambangraya \nMegah Tbk \nMajor trading of \nsolid, liquid and \ngas fuel and \nother related \nproducts \n1,500,000,000,000 \nIDR \n564,962,500,000 \nIDR \n1,129,925,000 \n500 \n65.14% \n(held by Banpu \nMinerals \n(Singapore) \nPte. Ltd.) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. \nV-TA, Jakarta 12310, Indonesia \n+62 21 \n29328100 \n19 PT. Kitadin \nCoal mining \n1,000,000,000,000 \nIDR \n377,890,000,000 \nIDR \n188,945 \n2,000,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n+62 21 \n29328100 \n20 PT. Indominco \nMandiri \nCoal mining \n20,000,000,000 \nIDR \n12,500,000,000 \nIDR \n12,500 \n1,000,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n+62 21 \n29328100 \n21 PT. Jorong \nBarutama \nGreston \nCoal mining \n318,855,000,000 \nIDR \n318,855,000,000 \nIDR \n21,257 \n15,000,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n+62 21 \n29328100 \n22 PT. Trubaindo \nCoal Mining \nCoal mining \n100,000,000,000 \nIDR \n63,500,000,000 \nIDR \n63,500 \n1,000,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n+62 21 \n29328100 \n23 PT. Bharinto \nEkatama \nCoal mining \n68,000,000,000 \nIDR \n17,000,000,000 \nIDR \n17,000 \n1,000,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n+62 21 \n29328100 \n24 PT. ITM \nIndonesia \nMajor Trading of \nSolid, Liquid and \nGas fuel and \nOther related \nproducts \n40,000,000,000 \nIDR \n11,000,000,000 \nIDR \n11,000 \n1,000,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n+62 21 \n29328100 \n113 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n25 PT. Tambang \nRaya Usaha \nTama \nMining and \nother excavations \nsupport activities \n500,000,000,000 \nIDR \n424,610,000,000 \nIDR \n42,461 10,000,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n+62 21 \n29328100 \n26 PT. ITM \nBatubara \nUtama \nCoal mining \n40,000,000,000 \nIDR \n11,000,000,000 \nIDR \n11,000 \n1,000,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n+62 21 \n29328100 \n27 PT. ITM \nEnergi \nUtama \nEnergy \nBusiness \n1,200,000,000,000 \nIDR \n300,000,000,000 \nIDR \n300,000 \n1,000,000 \n99.99% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n+62 21 \n29328100 \n28 PT. ITM \nBhinneka \nPower \nElectric power \ngenerator \n774,788,000,000 \nIDR \n193,697,000,000 \nIDR \n193,697 \n1,000,000 \n70.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \n30.00% \n(held by Banpu \nNEXT Co., Ltd.) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n+62 21 \n29328100 \n29 PT. Gas Emas \nMajor trading of \nsolid, liquid and \ngas fuel and \nother related \nproducts \n600,600,000,000 \nIDR \n441,232,500,000 \nIDR \n32,700,000 \n9,725 \n(Series A \nShares) \n13,700 \n(Series B \nShares) \n94.80% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \n3.90% \n(held by PT. ITM \nIndonesia) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar \nrd \nMuda, Pondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n +62 21 \n29328100 \n30 PT. Tepian \nIndah Sukses \nCoal mining \n3,000,000,000 \nIDR \n 1,000,000,000 \nIDR \n 1,000 \n 1,000,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nJl. A.M. Sangaji No. 38F No. \n9-10, Kel. Bandara, Kec. Sungai \nPinang, Prov. Samarinda \nCorresponding office: Pondok \nIndah Office Tower 3, 3 floor, \nrd \nJl. Sultan Iskandar Muda, \nPondok Indah Kav. V-TA, Jakarta \n12310, Indonesia \n+62 54 \n1749437 \n31 PT. Nusa \nPersada \nResources \nCoal mining \n500,000,000,000 \nIDR \n312,337,000,000 \nIDR \n 3,123,370 \n 100,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nJalan Pendreh, Komplek \nPerumahan Nur Asri \nPerdana,RT. 33-A, Kel., \nKec., Kab.Barito Utara, Prop. \nKalimantan Tengah. \nCorresponding office: Pondok \nIndah Office Tower 3, 3rd floor, \nJl. Sultan Iskandar Muda, Pondok \nIndah Kav. V-TA, Jakarta 12310, \nIndonesia \n+62 81 \n1884374 \n32 PT. Energi \nBatubara \nPerkasa \nMajor trading of \nsolid, liquid and \ngas fuel and other \nrelated products \n60,000,000,000 \nIDR \n33,410,000,000 \nIDR \n 33,410 \n 1,000,000 \n100.00% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \nPondok Indah Office Tower 3, \n3 floor, Jl. Sultan Iskandar Muda, 29328100 rd \nPondok Indah Kav. V-TA, Jakarta \n12310, Indonesia \n+62 21 \n33 PT. Sentral \nMutiara Energy \nMajor trading of \nsolid, liquid and \ngas fuel and \nother related \nproducts \n 150,000,000,000 \nIDR \n131,897,000,000 \nIDR \n 1,318,970 \n 100,000 \n95.07% \n(held by PT. Indo \nTambangraya \nMegah Tbk) \n4.93% \n(held by PT. ITM \nBatubara Utama) \nGd. Menara Pertiwi Lt.28 Unit \nC-D Jl.Mega Kuningan Barat \nIII Kav.10.1 No.3 Kel.Kuningan \nTimur, Kec. Setiabudi Jakarta \nSelata -12950 \n+62 21 \n25983737 \n34 PT. Graha \nPanca Karsa \nCoal mining and \nmajor trading \nof metal goods \nfor construction \nmaterial \n 500,000,000 \nIDR \n 270,000,000 \nIDR \n 270 \n 1,000,000 \n70.00% \n(held by PT. \nSentral Mutiara \nEnergy) \nPondok Indah Office Tower 3, \n3 Floor, Jl. Sultan Iskandar \nrd \nMuda Kav. V-TA Pondok Pinang, \nKebayoran Lama, Jakarta 12310, \nIndonesia \n+62 21 \n29328100 \n35 PT. Cahaya \nPower \nIndonesia \nRenewable \nenergy \n114,720,000,000 \nIDR \n28,680,000,000 \nIDR \n2,000,000 \n14,340 \n79.50% \n(held by PT. ITM \nBhinneka Power) \nPondok Indah Office Tower 3, \nsuite 302 Jl. Sultan Iskandar \nMuda Kav. V-TA Pondok Pinang, \nKebayoran Lama, Jakarta 12310, \nIndonesia \n+62 21 \n29328100 \n114 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n36 PT. IBP Hydro \nPower \nManagement \nconsultation \n840,000,000,000 \nIDR \n252,150,000,000 \nIDR \n252,150 \n1,000,000 \n100.00% \n(held by PT. ITM \nBhinneka Power) \nPondok Indah Office Tower 3, \nsuite 302 Jl. Sultan Iskandar \nMuda Kav. V-TA Pondok Pinang, \nKebayoran Lama, Jakarta 12310, \nIndonesia \n+62 21 \n29328100 \n37 PT. Centra \nMulti \nSuryanesia \nAset \nRental and \nleasehold \nwithout option \nrights and \nwholesale trade \nin machinery, \nequipment and \nother supplies \n40,000,000,000 \nIDR \n10,000,000,000 \nIDR \n10,000,000 \n1,000 \n65.00% \n(held by PT. ITM \nBhinneka Power) \nJalan Kaji Nomor 6, Desa\/ \nKelurahan Petojo Utara, \nGambir, Jakarta Pusat, DKI \nJakarta, Indonesia \n+62 21 \n29328100 \nAustralia \n38 Banpu \nAustralia Co. \nPty Ltd. \nInvestment in \ncoal mining \nin Australia \n2,920,721,000 \nAUD \n2,920,721,000 \nAUD \n2,920,721,000 \n1 \n100.00% \n(held by Banpu \nSingapore Pte. \nLtd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n39 AFE \nInvestments \nPty Ltd. \nMining \ninvestment \n 2 \nAUD \n 2 \nAUD \n 2 \n1 \n100.00% \n(held by Banpu \nAustralia \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n40 ACN 152 429 \n206 Pty Ltd. \nInvestment in \ncoal mining \n 2 \nAUD \n 2 \nAUD \n 2 \n 1 \n100.00% \n(held by Banpu \nAustralia \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n41 Airly Solar Pty \nLtd. \nRenewable \nenergy \n 2 \nAUD \n 2 \nAUD \n 2 \n 1 \n100.00% \n(held by Banpu \nAustralia \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n42 Centennial \nCoal Co. Pty \nLtd. \nCoal mining and \nmarketing \n2,899,783,562 \nAUD \n2,599,783,562 \nAUD \n845,126,381 \n4.8 \n100.00% \n(held by Banpu \nAustralia \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n43 Centennial \nNorthern Coal \nServices Pty \nLtd. \nEmployer \ncompany \nfor Newstan \nWashery \n1 \nAUD \n1 \nAUD \n1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n44 Berrima Coal \nPty Ltd. \nDormant \n 2 \nAUD \n 2 \nAUD \n2 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n45 Centennial Airly \nPty Ltd. \nCoal mining \n 2 \nAUD \n 2 \nAUD \n2 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n46 Centennial \nAngus Place \nPty Ltd. \nCoal mining \n1 \nAUD \n1 \nAUD \n1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n47 Centennial Coal \nInfrastructure \nPty Ltd. \nCoal exporting \nlogistics and \ninfrastructure \n 2 \nAUD \n 2 \nAUD \n2 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n48 Centennial \nCoal Sales and \nMarketing Pty \nLtd. \nCoal marketing \n1 \nAUD \n1 \nAUD \n 1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n49 Centennial \nNorthern \nMining Services \nPty Ltd. \nDormant \n1 \nAUD \n1 \nAUD \n1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n50 Centennial \nInglenook Pty \nLtd. \nCoal mining \n1 \nAUD \n1 \nAUD \n1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n115 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n51 Centennial \nMandalong \nPty Ltd. \nCoal mining \n1 \nAUD \n1 \nAUD \n 1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n52 Centennial \nMannering \nPty Ltd. \nCoal mining \n1 \nAUD \n1 \nAUD \n 1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n53 Centennial \nMunmorah \nPty Ltd. \nCoal mining \n(Now dormant) \n1 \nAUD \n1 \nAUD \n 1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n54 Centennial \nMyuna Pty Ltd. \nCoal mining \n1 \nAUD \n1 \nAUD \n 1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n55 Centennial \nNewstan \nPty Ltd. \nCoal mining \n1 \nAUD \n1 \nAUD \n 1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n56 Charbon Coal \nPty Ltd. \nCoal mining \n2 \nAUD \n2 \nAUD \n 2 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n57 Centennial \nClarence \nPty Ltd. \nCoal mining - \nClarence JV \n8,800,000 \nAUD \n8,800,000 \nAUD \n 8,800,000 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n58 Centennial \nFassifern \nPty Ltd. \nCoal mining \n 2 \nAUD \n 2 \nAUD \n 2 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n59 Powercoal \nPty Ltd. \nDormant holding \ncompany \n4,590,001 \nAUD \n4,590,001 \nAUD \n 4,590,001 \n1 \n100.00% \n(held by \nCentennial \nFassifern Pty \nLtd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n60 Powercoal \nSuperannuation \nPty Ltd. \nSuperannuation \ncompany \n(Dormant) \n2 \nAUD \n2 \nAUD \n 2 \n1 \n100.00% \n(held by \nPowercoal Pty \nLtd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n61 Powercoal \nEmployee \nEntitlements \nCo. Pty Ltd. \nEmployee trust \ncompany Ex \nPowercoal \n2 \nAUD \n2 \nAUD \n 2 \n1 \n50.00% \n(Held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n62 Hartley Valley \nCoal Co Pty \nLtd. \nDormant \n1,000,000 \nAUD \n1,000,000 \nAUD \n 1,000,000 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n63 Ivanhoe Coal \nPty Ltd. \nCoal mining \n2 \nAUD \n2 \nAUD \n 2 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n64 Centennial \nDrilling Services \nPty Ltd. \nDrilling services \n1,250,000 \nAUD \n1,250,000 \nAUD \n750,000 A Class \nshares \n250,000 B Class \nshares \n 250,000 C Class \nshares \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n65 Centennial \nSpringvale \nHoldings \nPty Ltd. \nCoal mining \n1 \nAUD \n1 \nAUD \n 1 \n1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n66 Coalex Pty Ltd. \nCoal mining - \nClarence JV \n7,500,000 \nAUD \n7,500,000 \nAUD \n 750,000 \n10 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n116 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n67 Clarence Coal \nInvestments \nPty Ltd. \nCoal mining - \nClarence JV \n19,500,002 \nAUD \n19,500,002 \nAUD \n 15,500,002 Ord \nA shares \n 4,000,000 Ord \nB shares \n1 \n100.00% \n(held by Coalex \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n68 Clarence \nColliery Pty \nLtd. \nCoal mining - \nClarence JV \n10,000 \nAUD \n10,000 \nAUD \n 10,000 \n1 \n100.00% \n(held by Coalex \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n69 Clarence Coal \nPty Ltd. \nCoal mining - \nClarence JV \n2 \nAUD \n2 \nAUD \n 2 \n1 \n100.00% \n(held by Coalex \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n70 Collieries \nSuperannuation \nPty Ltd. \nSuperannuation \ncompany \n(Dormant) \n2 \nAUD \n2 \nAUD \n 2 \n1 \n100.00% \n(held by \nPowercoal \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n71 Elcom Collieries \nPty Ltd. \nDormant \n1,500,000 \nAUD \n1,500,000 \nAUD \n 750,000 \n2 \n100.00% \n(held by \nPowercoal \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n72 Huntley Colliery \nPty Ltd. \nDormant \n354,000 \nAUD \n354,000 \nAUD \n 177,000 \n2 \n100.00% \n(held by \nPowercoal \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n73 Mandalong \nPastoral \nManagement \nPty Ltd. \nDormant \n2,736,028 \nAUD \n 2,736,028 \nAUD \n10,000,000 Ord \npartly paid shares \n- $0.20 \n368,014 Ord \nShares - $2.00 \n2 \n100.00% \n(held by \nPowercoal \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n74 Centennial \nSpringvale Pty \nLtd. \nCoal mining \n1,000,000 \nAUD \n1,000,000 \nAUD \n 1,000,000 \n1 \n100.00% \n(held by \nCentennial \nSpringvale \nHoldings \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n75 Springvale Coal \nPty Ltd. \nCoal mining \n2,000,000 \nAUD \n2,000,000 \nAUD \n 2,000,000 \n1 \n100.00% \n(held by \nCentennial \nSpringvale \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n76 Boulder Mining \nPty Ltd. \nCoal mining \n1,000 \nAUD \n1,000 \nAUD \n 1,000 \n1 \n100.00% \n(held by \nCentennial \nSpringvale \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+62 2 9266 \n2700 \n77 Springvale Coal \nSales Pty Ltd. \nCoal \nmarketing \n2 \nAUD \n2 \nAUD \n 2 \n1 \n50.00% \n(held by \nCentennial \nSpringvale \nPty Ltd.) \n50.00% \n(held by Boulder \nMining Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n78 Centennial \nWallarah \nPty Ltd. \nMining \ninvestment \n2 \nAUD \n2 \nAUD \n 2 \n 1 \n100.00% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n79 Hunnu Coal \nPty Ltd. \nCoal mining and \ntrading \n296,070,779 \nAUD \n296,070,779 \nAUD \n408,985,717 \nNo par 100.00% \nvalue* \n(held by Banpu \nMinerals \n(Singapore) \nPte. Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9166 \n2700 \n80 Banpu Energy \nAustralia \nPty Ltd. \nRenewable \nenergy \n40,504,002 \nAUD \n40,504,002 \nAUD \n 40,504,002 \n 1 \n100.00% \n(held by Banpu \nAustralia \nCo. Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \nNote: \n *Under Corporate Law \n117 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n81 Banpu \nRenewable \nAustralia \nPty Ltd. \nRenewable \nenergy \n7,900,002 \nAUD \n7,900,002 \nAUD \n 7,900,002 \n 1 \n100.00% \n(held by Banpu \nRenewable \nSingapore \nPte. Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n82 Banpu Energy \nHold Trust \nRenewable \nenergy \nN\/A \nN\/A \n82,320,008 \n20,580,002 \nN\/A \n80.00% \n(held by Banpu \nEnergy Australia \nPty Ltd. \n20.00% \n(held by Banpu \nRenewable \nAustralia Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n83 Banpu Energy \nHolding \nPty Ltd. \nRenewable \nenergy \n10 \nAUD \n10 \nAUD \n10 \n1 \n80.00% \n(held by Banpu \nEnergy Australia \nPty Ltd. \n20.00% \n(held by Banpu \nRenewable \nAustralia Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n84 FS NSW \nProject No 1 \nHT Pty Ltd. \nRenewable \nenergy \n100 \nAUD \n100 \nAUD \n100 \n1 \n100.00% \n(held by Banpu \nEnergy Holding \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n85 FS NSW \nProject No 1 \nAT Pty Ltd. \nRenewable \nenergy \n1 \nAUD \n 1 \nAUD \n1 \n1 \n100.00% \n(held by FS NSW \nProject No 1 HT \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n86 FS NSW \nProject No 1 \nFinco Pty Ltd. \nRenewable \nenergy \n1 \nAUD \n1 \nAUD \n1 \n1 \n100.00% \n(held by FS NSW \nProject No 1 AT \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n87 Manildra Prop \nHold Pty Ltd. \nRenewable \nenergy \n1 \nAUD \n1 \nAUD \n1 \n1 \n100.00% \n(held by Banpu \nEnergy Holding \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n88 Manildra Prop \nPty Ltd \nRenewable \nenergy \n1 \nAUD \n1 \nAUD \n1 \n1 \n100.00% \n(held by Manildra \nProp Hold \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n89 Manildra Finco \nPty Ltd \nRenewable \nenergy \n1 \nAUD \n1 \nAUD \n1 \n1 \n100.00% \n(held by Manildra \nProp Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n90 Manildra Solar \nFarm Pty Ltd. \nRenewable \nenergy \n100 \nAUD \n100 \nAUD \n100 \n1 \n100.00% \n(held by Manildra \nProp Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n91 FS NSW \nProject No 1 \nHold Trust \nRenewable \nenergy \n1 \nAUD \n1 \nAUD \n1 \n1 \n100.00% \n(held by FS NSW \nProject No 1 HT \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n92 FS NSW \nProject No 1 \nAsset Trust \nRenewable \nenergy \nN\/A \nN\/A \n8,206,490,677 \nN\/A \n100.00% \n(held by FS NSW \nProject No 1 \nHold Trust as \ntrustee for FS \nNSW Project \nNo 1 AT Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n93 Manildra Hold \nTrust \nRenewable \nenergy \nN\/A \nN\/A \n6,926,658,900 \nN\/A \n100.00% \n(held by Banpu \nEnergy Hold \nTrust as trustee \nof the Manildra \nProp Hold Pty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \n118 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n94 Manildra Asset \nTrust \nRenewable \nenergy \nN\/A \nN\/A \n3,701,105 \nN\/A \n100.00% \n(held by Manildra \nHold Trust \nas trustee for \nManildra Prop \nPty Ltd.) \nLevel 20, 1 Market Street, \nSydney NSW 2000, Australia \n+61 2 9266 \n2700 \nRepublic of China \n95 Shijiazhuang \nChengfeng \nCogen Co., Ltd. \nPower \nand steam \ngeneration \nand sales \n52,516,000 \nUSD \n52,516,000 \nUSD \nN\/A \nN\/A \n100.00% \n(held by \nBanpu Power \nInvestment \nCo., Ltd.) \nEast of Jingshen Highway, \nZhengding County, Shijiazhuang 185176918 \nCity, Hebei Province, P.R.China, \n050800 \n+86 31 \n96 Banpu \nInvestment \n(China) Ltd. \nInvestment in \nenergy business \nand other \nindustrial areas \n30,000,000 \nUSD \n30,000,000 \nUSD \nN\/A \nN\/A \n100.00% \n(held by Banpu \nPower Investment \nCo., Ltd.) \nUnit 508, 5 Floor, Tower 21, \nth \nNo. 10 Jiuxianqiao Road, \nChaoyang District, Beijing, \nP.R.China \n+86 10 \n57580388 \n97 Tangshan \nBanpu Heat \nand Power \nCo., Ltd. \nPower \nand steam \ngeneration \nand sales \n78,082,200 \nUSD \n47,504,217 \nUSD \nN\/A \nN\/A \n87.92% \n(held by Pan- \nWestern Energy \nCorporation LLC) \n12.08% \n(held by Banpu \nInvestment \n(China) Ltd.) \nWest of Gujiaying Village, \nBencheng Town, Luannan \nCounty, Tangshan City, Hebei \nProvince, P.R.China, 063500 \n+86 31 \n54168274 \n98 Zouping Peak \nCHP Co., Ltd. \nPower \nand steam \ngeneration \nand sales \n261,800,000 \nCNY \n261,800,000 \nCNY \nN\/A \nN\/A \n70.00% \n(held by Zouping \nPeak Pte. Ltd.) \nHandian Town, Zouping \nCounty, Binzhou City, \nShandong Province, \nP.R.China, 256209 \n+86 54 \n34615655 \n99 BPP \nRenewable \nInvestment \n(China) Co., Ltd. \nInvestment \nin renewable \nenergy business \n160,000,000 \nUSD \n97,620,000 \nUSD \nN\/A \nN\/A \n100.00% \n(held by Banpu \nNEXT Co., Ltd.) \nUnit 509, 5 Floor, Tower B21, +86 10 \nth \nUBP, No.10 Jiuxianqiao Road, \nChaoyang District, Beijing, \nP.R.China, 100015 \n57580388 \n100 Anqiu Huineng \nRenewable \nEnergy Co., Ltd. \nSolar power \ngeneration \n66,000,000 \nCNY \n66,000,000 \nCNY \nN\/A \nN\/A \n100.00% \n(held by BPP \nRenewable \nInvestment \n(China) Co., Ltd.) \n1 Floor, Unit 1, Dafugou st \nVilliage, Wushan Town, \nAnqiu County, Weifang City, \nShandong Province, P.R.China \n+86 10 \n57580310 \n101 Weifang \nTian'en Jinshan \nComprehensive \nEnergy Co., Ltd. \nSolar power \ngeneration \n83,000,000 \nCNY \n83,000,000 \nCNY \nN\/A \nN\/A \n100.00% \n(held by BPP \nRenewable \nInvestment \n(China) Co., Ltd.) \n2 Floor, Unit 1, Dafugou \nnd \nVilliage, Wushan Town, \nAnqiu County, Weifang City, \nShandong Province, P.R.China \n+86 10 \n57580310 \n102 Dongping \nCounty \nHaoyuan \nSolar Power \nGeneration \nCo., Ltd. \nSolar power \ngeneration \n69,000,000 \nCNY \n69,000,000 \nCNY \nN\/A \nN\/A \n100.00% \n(held by BPP \nRenewable \nInvestment \n(China) Co., Ltd.) \nEast side of the north section \nof Xishan Road, Dongping \nCounty, Taian City, Shandong \nProvince, P.R.China \n+86 10 \n57580310 \n103 Anqiu County \nHui'en PV \nTechnology \nCo., Ltd. \nSolar power \ngeneration \n62,000,000 \nCNY \n62,000,000 \nCNY \nN\/A \nN\/A \n100.00% \n(held by BPP \nRenewable \nInvestment \n(China) Co., Ltd.) \nUnit 2, Longwangmiao Village, \nDasheng Town, Anqiu County, \nWeifang City, Shandong \nProvince, P.R.China \n+86 10 \n57580310 \n104 Jiaxing Deyuan \nEnergy-Saving \nTechnology \nCo., Ltd. \nSolar power \ngeneration \n150,740,000 \nCNY \n150,737,586 \nCNY \nN\/A \nN\/A \n100.00% \n(held by BPP \nRenewable \nInvestment \n(China) Co., Ltd.) \nNo. 999 Xianghu Road, \nYaozhuang Town, Jiashan \nCounty, Jiaxing City, Zhejiang \nProvince, P.R.China \n+86 10 \n57580310 \n105 Feicheng \nXingyu Solar \nPower PV \nTechnology \nCo., Ltd. \nSolar power \ngeneration \n55,000,000 \nCNY \n55,000,000 \nCNY \nN\/A \nN\/A \n100.00% \n(held by BPP \nRenewable \nInvestment \n(China) Co., Ltd.) \nHuangtuling Village, Anzhan \nTown, Feicheng County, \nTai\u2019an City, Shandong \nProvince, P.R.China \n+86 10 \n57580310 \n119 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n106 Jiangsu Jixin \nElectric Power \nCo., Ltd. \nSolar power \ngeneration \n64,000,000 \nCNY \n64,000,000 \nCNY \nN\/A \nN\/A \n100.00% \n(held by BPP \nRenewable \nInvestment \n(China) Co., Ltd.) \nZhengwei Villiage, \nQianfeng Town, Jinhu County, \nHuai'an City, Jiangsu Province, \nP.R.China \n+86 10 \n57580310 \n107 Banpu (Beijing) \nEnergy Trading \nLtd. \nCoal Trading \n80,000,000 \nCNY \n40,000,000 \nCNY \nN\/A \nN\/A \n100.00% \n(held by Banpu \nMinerals \n(Singapore) Pte. \nLtd.) \nUnit 508A, 5 Floor, Tower 21, +86 10 \nth \nNo.10 Jiuxianqiao Road, \nChaoyang District, Beijing, \nP.R.China \n57580388 \n108 Shijiazhuang \nChengfeng \nNew Energy \nCo., Ltd. \nSolar power \ngeneration \n66,000,000 \nCNY \n5,000,000 \nCNY \nN\/A \nN\/A \n100.00% \n(held by \nShijiazhuang \nChengfeng \nCogen Co., Ltd.) \nNo. 2-1, Jianye Xiang, Jianye \nRoad, Zhengding County, \nShijiazhuang City, \nHebei Province, P.R.China \n+86 31 \n185176918 \n109 Suzhou \nDurapower \nTechnology \nCo., Ltd. \nManufacture \nand sales of \nLithium batteries \nfor hybrid and \nelectronic \nvehicles \n50,000,000 \nUSD \nN\/A \nN\/A \nN\/A \n100.00% \n(held by \nDurapower \nHoldings Pte. Ltd.) \nNo.12 Fuhua Road, Changshu \nEconomic Development Zone, \nChangshu, Jiangsu, China, \n215513 \nN\/A \nMongolia \n110 Hunnu \nAltai LLC \nForeign trade, \ninvestment in \ncoal mining \n 94,597,212,404.47 94,597,212,404.47 \nMNT \nMNT \n683,061 \n138,490 \n100.00% \n(held by Hunnu \nInvestments Pte. \nLtd.) \nSuite 1502, Fides Tower, \nGegeenten Complex, \n15 khoroo, Khan-Uul district, \nth \nUlaanbaatar-17011, Mongolia \n+976 \n75551221, \n+976 \n75551551 \n111 Hunnu Gobi \nAltai LLC \nForeign trade, \nminerals \nexploration, \nmining \n155,000,000 \nMNT \n155,000,000 \nMNT \n155,000 \n1,000 \n80.00% \n(held by Hunnu \nAltai LLC) \nSuite 1502, Fides Tower, \nGegeenten Complex, \n15 khoroo, Khan-Uul district, \nth \nUlaanbaatar-17011, Mongolia \n+976 \n75551221, \n+976 \n75551551 \n112 Hunnu Altai \nMinerals LLC \nForeign trade, \nminerals mining \n17,242,032,000 \nMNT \n17,242,032,000 \nMNT \n17,242,032 \n1,000 \n100.00% \n(held by Hunnu \nAltai LLC) \nSuite 1502, Fides Tower, \nGegeenten Complex, \n15 khoroo, Khan-Uul district, \nth \nUlaanbaatar-17011, Mongolia \n+976 \n75551221, \n+976 \n75551551 \n113 Hunnu \nResources LLC \nForeign trade, \ninvestment in \ncoal mining \n380,841,975,086.57 380,841,975,086.57 \nMNT \nMNT \n237,348,308 \n1,604.57 \n100.00% \n(held by Hunnu \nCoal Pty Ltd.) \nSuite 1502, Fides Tower, \nGegeenten Complex, \n15 khoroo, Khan-Uul district, \nth \nUlaanbaatar-17011, Mongolia \n+976 \n75551221, \n+976 \n75551551 \n114 Munkh Sumber \nUul LLC \nForeign trade \n4,099,599,712.83 \nMNT \n4,099,599,712.83 \nMNT \n409,959 \n10,000 \n100.00% \n(held by Hunnu \nResources LLC) \nSuite 1502, Fides Tower, \nGegeenten Complex, \n15 khoroo, Khan-Uul district, \nth \nUlaanbaatar-17011, Mongolia \n+976 \n75551221, \n+976 \n75551551 \n115 Bilegt \nKhairkhan Uul \nLLC \nForeign trade, \nminerals mining \n31,941,519,864.99 31,941,519,864.99 \nMNT \nMNT \n3,194,151 \n10,000 \n100.00% \n(held by Hunnu \nResources LLC) \nSuite 1502, Fides Tower, \nGegeenten Complex, \n15 khoroo, Khan-Uul district, \nth \nUlaanbaatar-17011, Mongolia \n+976 \n75551221, \n+976 \n75551551 \n116 Munkhnoyon \nSuvraga LLC \nForeign trade, \nminerals \nmining, tourism, \nconstruction \nmaterials sale \n196,897,807,350 \nMNT \n196,897,807,350 \nMNT \n196,897,807 \n1,000 \n100.00% \n(held by Hunnu \nResources LLC) \nSuite 1502, Fides Tower, \nGegeenten Complex, \n15 khoroo, Khan-Uul district, \nth \nUlaanbaatar-17011, Mongolia \n+976 \n75551221, \n+976 \n75551551 \nRepublic of Singapore \n117 Banpu \nMinerals \n(Singapore) \nPte. Ltd. \nInvestment in \ncoal mining \nN\/A \n17,670,002 \nSGD \n11,000,000 \nUSD \n17,670,002 \n17,670,002 \nNo par 50.00% \nvalue* \n(held by Banpu \nMinerals Co., Ltd.) \n50.00% \n(held by Banpu \nCoal Investment \nCo., Ltd.) \nOne Marina Boulevard, \n#28-00 Singapore 018989 \n+65 6890 \n7188 \nNote: \n *Under Corporate Law \n120 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n118 Banpu \nSingapore \nPte. Ltd. \nInvestment in \ncoal business \nN\/A \n1,500,000 \nSGD \n3,067,856,827.21 \nUSD \n1,500,000 \n3,040,473,604 \nNo par 100.00% \nvalue* \n(held by Asian \nAmerican Coal, \nInc.) \nOne Marina Boulevard, \n#28-00 Singapore 018989 \n+65 6890 \n7188 \n119 Hunnu \nInvestments \nPte. Ltd. \nInvestment in \ncoal business \nN\/A \n100 \nSGD \n35,260,188.82 \nUSD \n100 \n35,260,188 \nNo par 100.00% \nvalue* \n(held by Hunnu \nCoal Pty Ltd.) \nOne Marina Boulevard, \n#28-00 Singapore 018989 \n+65 6890 \n7188 \n120 Banpu Power \nInvestment \nCo., Ltd. \nInvestment in \npower business \nN\/A \n 111,962,391.00 \nUSD \n104,917,663 \nNo par 100.00% \nvalue* \n(held by \nBanpu Power \nInternational Ltd.) \n8 Marina Boulevard, \n#05-02 Marina Bay Financial \nCentre, Singapore 018981 \n+65 6338 \n1888 \n121 Zouping \nPeak \nPte. Ltd. \nInvestment in \npower business \nN\/A \n2 \nSGD \n140,495,758 \nCNY \n2 \n140,495,758 \nNo par 100.00% \nvalue* \n(held by \nBanpu Power \nInvestment \nCo., Ltd.) \n8 Marina Boulevard, \n#05-02 Marina Bay Financial \nCentre, Singapore 018981 \n+65 6338 \n1888 \n122 Banpu \nRenewable \nSingapore Pte. \nLtd. \nInvestment \nin renewable \nenergy business \nN\/A \n16,310,029,719.8 \nJPY \n71,295,176.69 \nUSD \n16,310,029,719 \n71,295,176.69 \nNo par 100.00% \nvalue* \n(held by Banpu \nNEXT Co., Ltd.) \n8 Marina Boulevard, \n#05-02 Marina Bay Financial \nCentre, Singapore 018981 \n+65 6338 \n1888 \n123 BRE Singapore \nPte. Ltd. \nInvestment \nin renewable \nenergy business \nN\/A \n73,420,001 \nUSD \n73,420,001 \nNo par 100.00% \nvalue* \n(held by Banpu \nNEXT Co., Ltd.) \n8 Marina Boulevard, \n#05-02 Marina Bay Financial \nCentre, Singapore 018981 \n+65 6338 \n1888 \n124 Banpu \nInnovation \n& Ventures \n(Singapore) \nPte. Ltd. \nResearch and \ndevelopment \nin disruptive \ntechnology \nN\/A \n3,000,000 \nUSD \n3,000,000 \nNo par 100.00% \nvalue* \n(held by Banpu \nInnovation & \nVentures \nCo., Ltd. ) \n8 Marina Boulevard, \n#05-02 Marina Bay Financial \nCentre, Singapore 018981 \n+65 6338 \n1888 \n125 Banpu \nVentures \nPte. Ltd. \nHolding company \nfor investment \nin fund and \nsecurities \nN\/A \n187,650,000 \nUSD \n187,650,000 \nNo par 100.00% \nvalue* \n(held by Banpu \nPublic Company \nLimited) \n1 Marina Boulevard \n#28-00 One Marina Boulevard \nSingapore 018989 \n+65 6890 \n7188 \n126 Durapower \nHoldings Pte. \nLtd. \nInvestment \nholding company \n(with subsidiaries \nundertaking \nmanufacturing of \nLithium-ion battery \n(lib) for EV and \nEnergy Storage \nsystem (ESS)) \nN\/A \n59,737,835.50 \nSGD \n50,000,000.00 \nUSD \n385,699 \n96,425 \n154.88 \n518.54 \n65.10% \n(held by BPIN \nInvestment \nCo., Ltd.) \n66 Kallang Pudding Road, \n#05-02 Hor Kew Business \nCentre, Singapore 349324 \n+65 6846 \n0171 \n127 Durapower \nTechnology \n(Singapore) \nPte. Ltd. \nMarketing and \nsales of batteries \nand energy \nstorage solution \nand wholesale \nof parts and \naccessories \nfor vehicles \nN\/A \n50,000 \nSGD \n50,000 \nNo par 100.00% \nvalue* \n(held by \nDurapower \nHoldings Pte. \nLtd.) \n66 Kallang Pudding Road \n#05-02 Hor Kew Business \nCentre Singapore 349324 \n+65 6846 \n0171 \nRepublic of Mauritius \n128 Banpu Coal \nInvestment \nCo., Ltd. \nInvestment \nin coal \nmining \n11,050,500 \nUSD \n11,050,500 \nUSD \n11,050,500 \n1 \n100.00% \n(held by Banpu \nMinerals \nCo., Ltd.) \n4 Floor, Ebene Skies, th \nRue de L'Institut, Ebene, \nRepublic of Mauritius \n+230 404 \n8000 \n129 BP Overseas \nDevelopment \nCo., Ltd. \nInvestment \nin coal \nmining \n515,533,002 \nUSD \n515,533,002 \nUSD \n515,533,002 \n1 \n100.00% \n(held by Banpu \nMinerals \nCo., Ltd.) \n4 Floor, Ebene Skies, th \nRue de L'Institut, Ebene, \nRepublic of Mauritius \n+230 404 \n8000 \n130 BPIN \nInvestment \nCo., Ltd. \nInvestment \nin renewable \nenergy \n212,497,600 \nUSD \n212,497,600 \nUSD \n212,497,600 \n1 \n100.00% \n(held by Banpu \nNEXT Co., Ltd.) \n4 Floor, Ebene Skies, th \nRue de L'Institut, Ebene, \nRepublic of Mauritius \n+230 404 \n8000 \nNote: \n *Under Corporate Law \n121 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n131 Banpu Power \nInternational \nLtd. \nInvestment \nin power \nbusiness \n117,835,000 \nUSD \n117,835,000 \nUSD \n117,835,000 \n1 \n100.00% \n(held by Banpu \nPower Public \nCompany Limited) \n4 Floor, Ebene Skies, th \nRue de L'Institut, Ebene, \nRepublic of Mauritius \n+230 404 \n8000 \n British Virgin Islands \n132 Asian American \nCoal, Inc. \nInvestment \nin coal \nmining \n410,000,000 \nUSD \n265,917,026 \nUSD \n265,917,026 \n1 \n100.00% \n(held by BP \nOverseas \nDevelopment \nCo., Ltd.) \nGeneva Place, 2 Floor, #333 \nnd \nWaterfront Drive, Road Town, \nTortola, British Virgin Islands \n+284 494 \n4388 \nCayman Islands \n133 Pan-Western \nEnergy \nCorporation \nLLC \nInvestment \nin power \nbusiness \n100,000 \nUSD \n100,000 \nUSD \n10,000,000 \n0.01 \n100.00% \n(held by Banpu \nPower Investment \nCo., Ltd.) \nPO Box 309, Ugland House, \nGrand Cayman, KY1-1104, \nCayman Islands \n+1 345 949 \n8066 \nJapan \n134 Banpu Power \nTrading G.K. \nEnergy \ntrading \nN\/A \n100,000,000 \nJPY \nN\/A \nNo par 100.00% \nvalue* \n(held by Banpu \nRenewable \nSingapore \nPte. Ltd.) \nKasumigaseki Building, \n33 Floor, 3-2-5, \nrd \nKasumigaseki, Chiyoda-ku, \nTokyo, Japan 100-6033 \n+81 3 6205 \n4665 \n135 Banpu Japan \nK.K. \nInvestment \nin renewable \nenergy \nbusiness \nN\/A \n100,000,000 \nJPY \n395,549 \nNo par 100.00% \nvalue* \n(held by Banpu \nNEXT Co., Ltd.) \nKasumigaseki Building, \n33 Floor, 3-2-5, \nrd \nKasumigaseki, Chiyoda-ku, \nTokyo, Japan 100-6033 \n+81 3 6205 \n4665 \n136 J&A Energy \nG.K. \nStore and \nsell electricity \nusing battery \nN\/A \n500,000 \nJPY \nN\/A \nNo par 100.00% \nvalue* \n(held by Banpu \nJapan K.K.) \nKasumigaseki Building, \n33 Floor, 3-2-5, \nrd \nKasumigaseki, Chiyoda-ku, \nTokyo, Japan 100-6033 \n+81 3 6205 \n4665 \n137 Banpu Taiyo \n1 GK \nPower \ngeneration and \nsale of electricity \nN\/A \n10,000 \nJPY \nN\/A \nNo par 100.00% \nvalue* \n(held by Banpu \nJapan K.K.) \nKasumigaseki Building, \n33 Floor, 3-2-5, Kasumigaseki, 4665 \nrd \nChiyoda-ku, Tokyo, Japan \n100-6033 \n+81 3 6205 \n138 Aizu \nRenewable \nServices G.K. \nElectricity \nbusiness \naggregation and \nconsulting service \nin Aizuwakamatsu \nCity area \nN\/A \n2,000,000 \nJPY \nN\/A \nNo par 100.00% \nvalue* \n(held by Banpu \nJapan K.K.) \nKasumigaseki Building, \n33 Floor, 3-2-5, Kasumigaseki, 4665 \nrd \nChiyoda-ku, Tokyo, Japan \n100-6033 \n+81 3 6205 \nNetherlands \n139 Durapower \nTechnology \nGroup B. V. \nN\/A \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by \nDurapower \nHoldings Pte. Ltd.) \nNetherlands \nN\/A \nUnited States of America \n140 Banpu North \nAmerica \nCorporation \nInvestment in \noil and gas \nbusiness \n938,000,100 \nUSD \n938,000,100 \nUSD \n938,000,100 \n1 \n100.00% \n(held by BOG \nCo., Ltd.) \n2711 Centerville Road, \nSuite 400, Wilmington, \nDelaware, USA 19808 \n+1 302 654 \n7584 \n141 BKV \nCorporation \nInvestment in \noil and gas \nbusiness \n3,000,000,000 \nUSD \n1,170,840,000 \nUSD \n117,084,000 \n0.01 \n96.38% \n(held by Banpu \nNorth America \nCorporation) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n142 Kalnin \nVentures, LLC \nInvestment in \noil and gas \nbusiness \nN\/A \n18,576,245 \nUSD \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \nCorporation) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n143 BKV Chaffee \nCorners, LLC \nInvestment in \noil and gas \nbusiness \nN\/A \n109,529,841 \nUSD \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \nCorporation) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \nNote: \n *Under Corporate Law \n122 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n144 BKV Chelsea, \nLLC \nInvestment in \noil and gas \nbusiness \nN\/A \n205,285,594 \nUSD \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \nCorporation) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n145 BKV Operating, \nLLC \nInvestment in \noil and gas \nbusiness \nN\/A \n195,541,343 \nUSD \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \nCorporation) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n146 BKV Barnett, \nLLC \nInvestment in \noil and gas \nbusiness \nN\/A \n406,000,000 \nUSD \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \nCorporation) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n147 Banpu \nInnovation & \nVentures, LLC \nResearch and \ndevelopment \nin disruptive \ntechnology \n1,000,000 \nUSD \n1,000,000 \nUSD \nN\/A \nNo par 100.00% \nvalue* \n(held by Banpu \nInnovation \n& Ventures \n(Singapore) \nPte. Ltd.) \n1150 North Market Street, \nSuite 1300, Wilmington, \nDelaware, USA 19801 \n+1 302 427 \n7650 \n148 Banpu Power \nUS Corporation \nInvestment in \nenergy \ngeneration and \nrelated business \n100 \nUSD \n100 \nUSD \n10,000 \n0.1 \n100.00% \n(held by Banpu \nPower Public \nCompany Limited) \n251 Little Falls Drive, \nin the City of Wilmington, \nCounty of New Castle, \nDelaware, USA 19808 \n+1 720 375 \n9680 \n149 BKV-BPP \nPower, LLC \nInvestment in \nenergy \ngeneration and \nrelated business \nNA \n173,963,925 \nUSD \nN\/A \nNo par 50.00% (held by \nvalue* \nBanpu Power US \nCorporation) \n50.00% (held by \nBKV Corporation) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n150 Temple \nGeneration \nHoldings, LLC \nTo uses as an \nintermediate \nentity \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV- \nBPP Power, \nLLC) \n211 East 7 Street, Suite 620, \nth \nAustin, Texas,USA 78701 \n+1 720 375 \n9680 \n151 Temple \nGeneration \nIntermediate \nHolding II, LLC \nEnergy \ngeneration and \nrelated business \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by Temple \nGeneration \nHoldings, LLC) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n152 Temple \nGeneration I, \nLLC \nEnergy \ngeneration and \nrelated business \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by Temple \nGeneration \nIntermediate \nHolding II, LLC) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n153 Temple \nGeneration II, \nLLC \nGas-fired \npower plant \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by Temple \nGeneration \nIntermediate \nHolding II, LLC) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n154 BKV Mid- \nstream, LLC \nInvestment in \noil and gas \nbusiness \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \nCorporation) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n155 BKV North \nTexas, LLC \nInvestment in \noil and gas \nbusiness \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \nCorporation) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n156 BKV-BPP \nRetail, LLC \nEnergy retailing \nand related \nbusiness \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV- \nBPP Power, \nLLC) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \n157 BKV dCarbon \nVentures, LLC \nInvestment in \ncarbon capture \nbusiness \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \nCorporation) \n1200, 17 Street, Suite 2100, \nth \nDenver, Colorado 80202 \n+1 720 375 \n9680 \n158 BKVerde, LLC \nInvestment in \ncarbon capture \nbusiness \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \ndCarbon \nVentures, LLC) \n1200, 17 Street, Suite 2100, \nth \nDenver, Colorado 80202 \n+1 720 375 \n9680 \nNote: \n *Under Corporate Law \n123 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n159 BKV dCarbon \nHigh West, LLC \nInvestment in \ncarbon capture \nbusiness \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \ndCarbon \nVentures, LLC) \n1200, 17 Street, Suite 2100, \nth \nDenver, Colorado 80202 \n+1 720 375 \n9680 \n160 BKV dCarbon \nTemple, LLC \nInvestment in \ncarbon capture \nbusiness \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \ndCarbon \nVentures, LLC) \n1200, 17 Street, Suite 2100, \nth \nDenver, Colorado 80202 \n+1 720 375 \n9680 \n161 BKV- BPP \nCotton Cove, \nLLC \nInvestment in \ncarbon capture \nbusiness \nN\/A \nN\/A \nN\/A \nNo par 51.00% \nvalue* \n(held by BKV \ndCarbon \nVentures, LLC) \n49.00% \n(held by Banpu \nPower US \nCorporation) \n251 Little Falls Dive, \nWilmington, Delaware 19808 \n+1 720 375 \n9680 \n162 BKV dCarbon \nBarnett Zero, \nLLC \nInvestment in \ncarbon capture \nbusiness \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \ndCarbon \nVentures, LLC) \n251 Little Falls Dive, \nWilmington, Delaware 19808 \n+1 720 375 \n9680 \n163 BKV-BPP \nPonder Solar, \nLLC \nRenewable \nenergy business \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV- \nBPP Power, LLC) \n251 Little Falls Dive, \nWilmington, Delaware 19808 \n+1 720 375 \n9680 \n164 BPPUS Power \nTrading, LLC \nTo hold a power \ntrading license \nand perform \npower trading \nactivities \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by Banpu \nPower US \nCorporation) \n251 Little Falls Dive, \nWilmington, Delaware 19808 \n+1 720 375 \n9680 \n165 High West \nSequestration, \nLLC \nInvestment in \ncarbon capture \nbusiness \nN\/A \nN\/A \nN\/A \nNo par 100.00% \nvalue* \n(held by BKV \ndCarbon \nVentures, LLC) \n111 Veterans Memorial \nBoulevard, Metairie, Louisiana, \nUSA \nN\/A \nSocialist Republic of Vietnam \n166 BPP Vinh Chau \nWind Power \nLLC \nWind power \nproduction, power \ntransmission \nand distribution \n427,395,900,000 \nVND \n427,395,900,000 \nVND \nN\/A \nNo par 100.00% \nvalue* \n(held by BRE \nSingapore \nPte. Ltd.) \nWind power plant no.3, \nStreet 48, Vinh Phuoc ward, \nVinh Chau town, Soc Trang \nprovince, Vietnam \n+84 90 988 \n5015 \n167 Banpu \nVietnam \nLLC \nManagement \nconsulting \nservices \n(Except for \nfinancial, \naccounting and \nlegal consultancy) \n23,000,000,000 \nVND \n23,000,000,000 \nVND \nN\/A \nNo par 100.00% \nvalue* \n(held by Banpu \nPublic Company \nLimited) \n8 Floor, Friendship Tower, th \n31 Le Duan Street, Ben Nghe \nWard, District 1, Ho Chi Minh \nCity, Vietnam \n+84 90 748 \n4047 \n168 El Wind Mui \nDinh Ltd. \nPower \nproduction, \ninstallation of \nelectrical systems \n235,128,370,557 \nVND \n235,128,370,557 \nVND \nN\/A \nNo par 100.00% \nvalue* \n(held by BRE \nSingapore \nPte. Ltd.) \nTu Thien Village, Phuoc Dinh \nWard, Thuan Nam District, \nNinh Thuan Province, Vietnam \n+84 925 \n9651 1234 \n169 Licogi 16 \nNinh Thuan \nRenewable \nEnergy Joint \nStock Company \nPower \nproduction \n240,000,000,000 \nVND \n240,000,000,000 \nVND \n24,000,000 \n10,000 \n100.00% \n(held by BRE \nSingapore \nPte. Ltd.) \nKien Kien Vinh Hy Street, \nKhanh Phuoc Hamlet, Nhon \nHai Commune, Ninh Hai \nDistrict, Ninh Thuan Province \n59000 Vietnam \n+84 28 \n3866 8535 \nAssociated companies \nAustralia \n170 Port Kembla \nCoal Terminal \nLimited \nShip loading \ncoal port \n600,000 \nAUD \n600,000 \nAUD \n600,000 \n1 \n16.66% \n(held by \nCentennial Coal \nCo. Pty Ltd.) \nPort Kembla Road, Inner \nHarbour, Wollongong NSW \n2520, Australia \n+61 2 4228 \n0288 \nNote: \n *Under Corporate Law \n124 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \nJapan \n171 FOMM \nCorporation \nPlanning, \ndeveloping, \nmanufacturing \nand selling of \ncompact electric \nvehicle \nN\/A \n3,505,170,250 \nJPY \n2,046,635 \nNo par 21.32% \nvalue* \n(held by Banpu \nNEXT Co., Ltd.) \n7-7 Shinkawasaki, Saiwai-ku, \nKawasaki-shi, Kanagawa, \nJapan 212-0032 \n+81 4 4200 \n4020 \n172 Global \nEngineering \nCo., Ltd \nElectricity sales \nand resource \naggregator of \nvirtual power \nplant \nN\/A \n308,200,000 \nJPY \n3,759,000 \nNo par 19.16% \nvalue* \n(held by Banpu \nRenewable \nSingapore \nPte. Ltd.) \nNishiko Living Kashii 2 Floor, \nnd \n1-1-1, Kashii, Higashi-ku, \nFukuoka city, Fukuoka pref. \nJapan 813-0011 \n+81 92 692 \n7547 \nThailand \n173 Urban Mobility \nTech Co., Ltd. \nElectric vehicle \nbusiness \nOrdinary share \n1,070,000 \nPreference share \n723,750 \nTHB \nOrdinary share \n1,070,000 \nPreference share \n723,750 \nTHB \nOrdinary share \n107,000 \nPreference share \n72,375 \n10 \n39.74% \n(held by Banpu \nNEXT Co., Ltd.) \n256 Soi Soonvijai, Rama IX \nSoi 17 Road, Bangkapi, \nHuaykwang, Bangkok 10310, \nThailand \n+66 86887 \n4796 \n174 Beyond Green \nCo., Ltd. \nIntegrated \nelectric vehicle \n714,285,700 \nTHB \n714,285,700 \nTHB \n7,142,857 \n100 \n39.18% \n(held by Banpu \nNEXT Co., Ltd.) \n115\/1, 115\/6, Motorway Road, \nThap Chang Subdistrict, \nSaphan Sung District, Bangkok \n10250, Thailand \n+66 2136 \n0490 \n175 GEPP SA-ARD \nCo., Ltd. \nIntegrated waste \nmanagement \nplatform \n2,666,700 \nTHB \n2,666,700 \nTHB \n26,667 \n100 \n25.00% \n(held by Banpu \nNEXT Co., Ltd.) \n559\/186 Nonsi Road, \nChong Nonsi Subdistrict, \nYannawa District, Bangkok \n10120, Thailand \n+66 84360 \n2928 \n176 SVOLT Energy \nTechnology \n(Thailand) \nCo., Ltd. \nManufacturing \nof Lithium-Ion \nBattery (LiB) for \nEV and Energy \nStorage System \n(ESS) \n519,466,700 \nTHB \n519,466,700 \nTHB \n5,194,667 \n100 \n40.00% \n(held by Banpu \nNEXT Co., Ltd.) \n102\/21 Moo 7, Bo Win \nSubdistrict, Sri Racha District, \nChonburi 20230, Thailand \n+66 94592 \n5936 \n177 Haupcar \nCo., Ltd. \nRenting of \npassenger car, \npick-up truck, \nvan and similar \nlight motor \nvehicles \nOrdinary share \n5,214,340 \nPreference share \n2,796,350 \nTHB \nOrdinary share \n5,214,340 \nPreference share \n2,796,350 \nTHB \nOrdinary share \n521,434 \nPreference share \n279,635 \n10 22.54% \n(Ordinary (held by Banpu \nshare) NEXT Co., Ltd.) \n10 \n(Preference \nshare) \n128\/21 3 Floor, Phayathai Plaza, \nPhayathai Road, \nThung Phaya Thai Subdistrict, \nRatchathewi District, Bangkok \n10400 Thailand \n+66 2113 \n1155 \nSocialist Republic of Vietnam \n178 Solar Esco \nJoint Stock \nCompany \nComputer \nprogramming, \npower production, \npower \ntransmission \nand distribution \nOrdinary share \n121,715,750,000 \nPreference share \n158,160,000 \nVND \nOrdinary share \n121,715,750,000 \nPreference share \n158,160,000 \nVND \nOrdinary share \n12,171,575 \nPreference share \n15,816 \n10,000 49.00% \n(Ordinary (held by BRE \nshare) \n 10,000 \n(Preference \nshare) \nSingapore \nPte. Ltd.) \n47 Le Van Thinh, Quarter 5, \nBinh Trung Dong Ward, \nThu Duc City, Ho Chi Minh City, \nVietnam \n+286 285 \n4535 \nJoint Ventures \nRepublic of Indonesia \n179 PT. Nusantara \nTimur Unggul \nFuel \ndistributor \n 1,000,000,000 \nIDR \n600,000,000 \nIDR \n600 \n1,000,000 \n33.34% \n(held by PT. ITM \nIndonesia) \nGedung Graha Indramas 4 Fl., +62 21 \nth \nJalan AIP II K.S. Tubun Raya \nNo. 77, Palmerah, West Jakarta \nCorresponding office: Pondok \nIndah Office Tower 3, 3 floor, \nrd \nJl. Sultan Iskandar Muda, \nPondok Indah Kav. V-TA, \nJakarta 12310, Indonesia \n29328100 \nRepublic of China \n180 Shanxi Gaohe \nEnergy Co., Ltd. \nCoal mining \nin China \n1,519,860,000 \nCNY \n1,519,860,000 \nCNY \nN\/A \nN\/A \n45.00% \n(held by Asian \nAmerican Coal, \nInc.) \nHaojiazhuang Town, Changzhi \nCounty, Changzhi City, \nShanxi Province, P.R.China \n+86 10 \n58203663 \nNote: \n *Under Corporate Law \n125 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \n181 Hebi Zhong \nTai Mining \nCo., Ltd. \nInvestment in \ncoal mining \n783,330,000 \nCNY \n783,330,000 \nCNY \nN\/A \nN\/A \n40.00% \n(held by Banpu \nMinerals Co., Ltd.) \nSikuang Industrial Park, Hebiji, +86 39 \nHebei City, Henan Province, \nP.R.China \n22917401-2 \n182 Shanxi Lu \nGuang Power \nCo., Ltd. \nPower \ngenerating \nand sales \n1,745,818,000 \nCNY \n1,500,000,000 \nCNY \nN\/A \nN\/A \n30.00% \n(held by Banpu \nPower Investment \nCo., Ltd.) \nSongcun Town, Zhangzi \nCounty, Changzhi City, \nShanxi Province, P.R.China \n+86 35 \n58580511 \nJapan \n183 Aizu Land \nSolar G.K. \nLand owner of \nsolar project \nN\/A \n100,000 \nJPY \nN\/A \nNo par 100.00% \nvalue* \n(held by Aura \nLand Development \nPte. Ltd.) \nKasumigaseki Building, 33rd \nFloor, 3-2-5, Kasumigaseki, \nChiyoda-ku, Tokyo, Japan \n100-6033 \n+81 3 6205 \n4665 \n184 Hokkaido Solar \nEstate G.K. \nLand owner of \nsolar project \nN\/A \n10,000,000 \nJPY \nN\/A \nNo par 60.00% \nvalue* \n(held by Banpu \nEnergy Services \n(Thailand) Co., Ltd.) \n1-1-7 Moto-akasaka, \nMinato-ku, Tokyo, Japan \n+81 3 3560 \n1115 \n185 Nakoso IGCC \nManagement \nCo., Ltd. \nElectricity power \ngeneration, \nsupply services of \nelectricity power \nand steam \nN\/A \n1,000,000 \nJPY \nN\/A \nNo par 33.50% \nvalue* \n(held by \nBanpu Power \nInvestment \nCo., Ltd.) \n2-6-1 Marunouchi, Chiyoda-ku, +81 3 3210 \nTokyo, Japan 100-8086 \n2121 \n186 Nakoso IGCC \nPower Plant \nGK \nPower \ngeneration \nN\/A \n100,000,000 \nJPY \nN\/A \nNo par 40.00% \nvalue* \n(held by \nNakoso IGCC \nManagement \nCo., Ltd.) \n102-3 Kawada, Iwamamachi, \nIwaki, Fukushima, Japan \n+81 2 4651 \n2211 \nLao People\u2019s Democratic Republic \n187 Hongsa Power \nCo., Ltd. \nPower \ngenerating \nand Sales \n927,000,000 \nUSD \n927,000,000 \nUSD \n92,700,000 \n10 \n40.00% \n(held by Banpu \nPower Public \nCompany \nLimited) \nNNN Building 4th Floor, \nRoom No.D5 Bourichan \nRoad, Phonsinouane Village, \nSisattanak District, Vientiane \nCapital, Lao PDR \n+856 2122 \n483 \n188 Phu Fai Mining \nCo., Ltd. \nMining \nconcession \n50,000 \nUSD \n50,000 \nUSD \n5,000 \n10 \n37.50% \n(held by Banpu \nPower Public \nCompany \nLimited) \nNNN Building 4 Floor, \nth \nRoom No.D5 Bourichan \nRoad, Phonsinouane Village, \nSisattanak District, Vientiane \nCapital, Lao PDR \n+856 2122 \n483 \nRepublic of Singapore \n189 Aura Land \nDevelopment \nPte. Ltd. \nInvestment in \nproperty for solar \nenergy business \nN\/A \n3,840,989.20 \nUSD \n3,840,988 \nNo par 75.00% \nvalue* \n(held by Banpu \nEnergy Services \n(Thailand) Co., \nLtd.) \n8 Marina Boulevard, \n#05-02 Marina Bay Financial \nCentre, Singapore 018981 \n+65 6338 \n1888 \n190 Aizu Energy \nPte. Ltd. \nInvestment \nin renewable \nenergy business \nN\/A \n1,601,577,060 \nJPY \n 1,601,577,060 \nNo par 100.00% \nvalue* \n(held by Banpu \nNEXT Co., Ltd.) \n8 Marina Boulevard, \n#05-02 Marina Bay Financial \nCentre, Singapore 018981 \n+65 6338 \n1888 \n191 LIV Energy \nVenture Pte. \nLtd. \nDevelopment \nand \ncommercialization \nof hybrid ESS \nN\/A \n1,000,000 \nUSD \n1,000 \nSGD \n1,000,000 \n2,333,333 \nNo par 30.00% \nvalue* \n(held by Banpu \nInnovation \n& Ventures \n(Singapore) Pte. \nLtd.) \n1 Cleantech Loop \n#02-26 Cleantech One \nSingapore 637141 \n+65 6268 \n6129 \n192 Oyika Pte. Ltd. \nOperate \nbattery \nswapping \nplatform \nN\/A \nOrdinary share \n540,378 \nPreference share \n22,000,007 \nUSD \nOrdinary share \n1,961,200 \nPreference share \n2,264,326 \nUSD \nN\/A \n15.91% \n(held by BPIN \nInvestment \nCo., Ltd.) \n2 Leng Kee Road \n#05-02A Thye Hong Centre \n159086 Singapore \nN\/A \nNote: \n *Under Corporate Law \n126 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Name \nType of \nbusiness \nAuthorized \ncapital \nPaid up \ncapital \nNo. of \npaid-up capital per Share \n(Shares) \nPar value % of holding \nHead Office \nTelephone \nThailand \n193 BLCP Power \nLtd. \nPower \ngeneration \nand sales \n12,010,000,000 \nTHB \n12,010,000,000 \nTHB \n120,100,000 \n100 \n50.00% \n(held by Banpu \nCoal Power Ltd.) \n9 I-8 Road, Map Ta Phut \nIndustrial Estate, \nMuang District, Rayong 21150 \nThailand \n+66 3892 \n5100 \n194 BNSP Smart \nTech Co., Ltd. \nInvestor and \ndeveloper \ndistrict cooling \nsystems (DCS) \n3,000,000 \nTHB \n3,000,000 \nTHB \n 30,000 \n100 \n51.00% \n(held by Banpu \nNEXT EcoServe \nCo., Ltd. ) \n1550, Thanapoom Tower, \n24 Floor, New Petchburi Road, \nth \nMakkasan, Ratchathewi, \nBangkok 10400, Thailand \n+66 2095 \n6595 \n195 Evolt \nTechnology \nCo., Ltd. \nElectric vehicle \ninfrastructure \n6,250,000 \nTHB \n6,250,000 \nTHB \n62,500 \n100 \n23.81% \n(held by Banpu \nNEXT Co., Ltd.) \nBlock 28, Building C, Floor 2 \nC201-202 Alley, Wang Mai, \nPathum Wan District, Bangkok \n10330 Thailand \n+66 80593 \n1072 \n196 Altotech Global \nCo., Ltd. \nOther \ninformation \ntechnology \nand computer \nservice activities \nOrdinary share \n1,015,300 \nPreference share \n629,200 \nTHB \nOrdinary share \n1,015,300 \nPreference share \n629,200 \nTHB \nOrdinary share \n10,153 \nPreference share \n6,292 (Preference \n100 25.00% \n(Ordinary (held by Banpu \nshare) \n100 \nshare) \nNEXT Co., Ltd.) \n719, Rama VI, Wang Mai, \nPathum Wan, Bangkok 10330 \nThailand \n+66 2059 \n9603 \nUnited States of America \n197 Temple \nGeneration SF, \nLLC \nEnergy \ngeneration and \nrelated business \nN\/A \nN\/A \nN\/A \nNo par 50.00% \nvalue* \n(held by Temple \nGeneration I, LLC) \n1200 17 Street, Suite 2100, \nth \nDenver, Colorado, USA 80202 \n+1 720 375 \n9680 \nOther investment \nRepublic of Singapore \n198 Green Li-ion \nPte. Ltd. \nRecycling of \nmetal waste \nand scrap \nN\/A \n37,112,368.12 \nUSD \n75,000.00 \nSGD \n1,177.00 \nUSD \n81.77 \nSGD \nPreference share \n150,875 \nPreference share \n8,135 \nOrdinary share \n7,124 \nOrdinary share \n81,770 \nN\/A \n4.51% \n(held by BPIN \nInvestment \nCo., Ltd.) \n83 Kim Yam Road #03-01 \nSingapore 239378 \n+65 6016 \n7459 \nNote: \n *Under Corporate Law \n127 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Major Shareholders \nNo. of Shares \n% \n1. \nVongkusolkit Family \n787,417,939 \n7.86 \nMitr Phol Sugar Corp., Ltd. \n827,908,786 \n8.26 \nTME Capital Co., Ltd. \n102,371,266 \n1.02 \nMid-Siam Capital Co., Ltd. \n82,300,820 \n0.82 \nMP Particle Board Co., Ltd. \n61,299,415 \n0.61 \nCity Holding Co., Ltd. \n59,918,082 \n0.60 \nEast Spring Holding Co., Ltd. \n55,801,100 \n0.56 \nPacific Sugar Corp., Ltd. \n27,482,796 \n0.27 \nMitr Phol Bio-Power (Phu Wiang) Co., Ltd. \n24,794,390 \n0.25 \n2. Thai NVDR Co., Ltd. \n889,021,844 \n8.87 \n3. South East Asia UK (Type C) Nominees Limited \n279,998,025 \n2.79 \n4. State Street Europe Limited \n203,539,751 \n2.03 \n5. Mr. Direk Vinichbutr \n149,466,900 \n1.49 \n6. Credit Suisse AG, Singapore Branch \n128,381,575 \n1.28 \n7. \nMr. Prateep Tangmatitham \n106,353,498 \n1.06 \n8. Mr. Supachai Suthipongchai \n71,994,210 \n0.72 \n9. The Bank of New York (Nominees) Limited \n61,651,336 \n0.62 \n10. Krungsri LTF Dividend Stock \n49,532,400 \n0.49 \n Total \n3,969,234,133 \n39.60 \nTop 10 Major Shareholders, as of 31 December 2023 \nNotes: \n\u2022 \nMitr Phol Sugar Corp., Ltd. has the following shareholder: \nMid-Siam Sugar Corp., Ltd. holds 99.99% of its paid-up capital. \n\u2022 \nTME Capital Co., Ltd. has the following shareholders: \n1. The Vongkusolkit Family holds 80.01% of its paid-up capital. \n2. Ufinves Co., Ltd. holds 15.23% of its paid-up capital. \n3. The Kanjanakumnerd Family holds 3.82% of its paid-up capital. \n4. The Putpongsiriporn Family holds 0.94% of its paid-up capital. \n\u2022 \nMid-Siam Capital Co., Ltd. has the following shareholder: \nMid-Siam Sugar Corp., Ltd. holds 99.99% of its paid-up capital. \n\u2022 \nMP Particle Board Co., Ltd. has the following shareholder: \nUnited Farmer and Industry Co., Ltd. holds 99.99% of its paid-up capital. \n\u2022 \nCity Holding Co., Ltd. has the following shareholders: \n1. The Vongkusolkit Family holds 90.50% of its paid-up capital. \n2. The Kanjanakumnerd Family holds 6.00% of its paid-up capital. \n3. The Putpongsiriporn Family holds 2.00% of its paid-up capital. \n4. The Jenlapwattanakul Family holds 1.50% of its paid-up capital. \n\u2022 \nEast Spring Holding Co., Ltd. has the following shareholder: \nThe Vongkusolkit Family holds 100% of its paid-up capital. \n\u2022 \nPacific Sugar Corp., Ltd. has the following shareholder: \nMitr Phol Sugar Corp., Ltd. holds 99.99% of its paid-up capital. \n\u2022 \nMitr Phol Bio-Power (Phu Wiang) Co., Ltd. has the following shareholder: \nUnited Farmer and Industry Co., Ltd. holds 52.38% of its paid-up capital. \nSHAREHOLDERS \n128 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Authorized Capital \nCompany Name \n\u0e1a\u0e23 \u0e34\u0e29 \u0e31\u0e17 \u0e1a\u0e49\u0e32\u0e19\u0e1b \u0e39 \u0e08 \u0e33\u0e32\u0e01 \u0e31\u0e14 (\u0e21\u0e2b\u0e32\u0e0a\u0e19) \nCompany Name (English) \nBanpu Public Company Limited \nMarket Symbol \nBANPU \nMajor Business \nEnergy \nRegistration Number \nBorMorJor. 152 \nAuthorized Capital \nTHB 10,149,163,028 \nConsisting of 10,149,163,028 ordinary shares with \nthe par value of THB 1 per share \nPaid-up Capital \nTHB 10,018,902,725* \nConsisting of 10,018,902,725 ordinary shares with \nthe par value of THB 1 per share \nNumber of Shares \n10,018,902,725 shares \nPar Value \nTHB 1 (One Baht) \nNotes: \n* The Company has accordingly allocated 1,564,741,337 new common shares (par value of THB 1 per share) from exercise BANPU-W5 and successfully \nregistered as paid-in capital with the Ministry of Commerce on 4 October 2023, resulting in an increase in the Company\u2019s paid-in capital from THB \n8,454,161,388 to THB 10,018,902,725. \nSECURITY \nAs of 31 December 2023, Thai NVDR Company Limited (Thai NVDR), a subsidiary of the Stock Exchange of Thailand, \nas well as the Company\u2019s shareholders hold the underlying securities total amount of 889,021,844 shares, or 8.87% \nof the issued and paid-up shares at that date. NVDR holders will obtain all financial benefits in the same manner \nas the Company\u2019s ordinary shareholders, except that NVDR holders will have no voting rights at shareholder meetings \nsince they are not the Company\u2019s direct shareholders. Practically, Thai NVDR will attend a shareholder meeting and \nvote at its discretion but not by the instruction of NVDR shareholders. The number of the Company\u2019s shares held \nby the investors who have invested via Thai NVDR is subject to change, which is beyond the Company\u2019s control. \nForeign Ownership Restrictions \nForeign shareholders may own the Company\u2019s shares in a total amount not exceeding 40% of the Company\u2019s \nissued and paid-up shares. As of 31 December 2023, the Company\u2019s shares owned by foreign shareholders \nwere approximately 18.67% of the Company\u2019s paid-up capital. \n129 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Debenture Details \nBanpu \nDebentures \nNo. 1\/2011 \nTranche 4 \nBanpu \nDebentures \nNo. 2\/2013 \nTranche 2 \nBanpu \nDebentures \nNo. 1\/2014 \nTranche 2 \nBanpu \nDebentures \nNo. 1\/2015 \nTranche 2 \nBanpu \nDebentures \nNo. 1\/2015 \nTranche 3 \nIssuer \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nTotal Value of Debentures \nTHB 2,000 \nMillion \nTHB 2,100 \nMillion \nTHB 5,000 \nMillion \nTHB 1,750 \nMillion \nTHB 1,250 \nMillion \nType of Debenture \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures \nName-registered, \nunsubordinated \nand unsecured \ndebentures \nAmount of Debentures \n2,000,000 Units \n2,100,000 Units \n5,000,000 Units \n1,750,000 Units \n1,250,000 Units \nPar Value \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nOutstanding \nDebenture Value \nas of 31 December 2023 \nTHB 2,000 \nMillion \nTHB 2,100 \nMillion \nTHB 5,000 \nMillion \nTHB 1,750 \nMillion \nTHB 1,250 \nMillion \nCoupon Rate \n5.19% \n5.05% \n4.80% \n4.00% \n4.10% \nTenor \n15 Years \n12 Years \n10 Years \n10 Years \n12 Years \nIssue Date \n1 April 2011 \n10 July 2013 \n4 July 2014 \n12 November 2015 12 November 2015 \nMaturity Date \n1 April 2026 \n10 July 2025 \n4 July 2024 \n12 November 2025 12 November 2027 \nCall Option for Debenture \nHolders and Issuer \n-None- \n-None- \n-None- \n-None- \n-None- \nPrincipal Payment Before \nthe Maturity Date \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nMaturity Value \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nCollateral \n-None- \n-None- \n-None- \n-None- \n-None- \nDebenture Rating \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \n-None- \n-None- \nDEBENTURE \n130 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Debenture Details \nBanpu \nDebentures \nNo. 1\/2017 \nBanpu \nDebentures \nNo. 1\/2018 \nBanpu \nDebentures \nNo. 1\/2019 \nBanpu \nDebentures \nNo. 1\/2021 \nTranche 1 \nBanpu \nDebentures \nNo. 1\/2021 \nTranche 2 \nIssuer \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nTotal Value of Debentures \nTHB 10,000 \nMillion \nUSD 50 \nMillion \nTHB 10,000 \nMillion \nTHB 2,000 \nMillion \nTHB 3,670 \nMillion \nType of Debenture \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nAmount of Debentures \n10,000,000 Units \n5,000 Units \n10,000,000 Units \n2,000,000 Units \n3,670,000 Units \nPar Value \nTHB 1,000 \nUSD 10,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nOutstanding \nDebenture Value \nas of 31 December 2023 \nTHB 10,000 \nMillion \nUSD 50 \nMillion \nTHB 10,000 \nMillion \nTHB 2,000 \nMillion \nTHB 3,670 \nMillion \nCoupon Rate \n4.17% \n5.25% \n4.00% \n3.33% \n3.78% \nTenor \n10 Years \n10 Years \n10 Years \n7 Years \n10 Years \nIssue Date \n21 April 2017 \n8 August 2018 \n22 May 2019 \n24 February 2021 \n24 February 2021 \nMaturity Date \n21 April 2027 \n8 August 2028 \n22 May 2029 \n24 February 2028 \n24 February 2031 \nCall Option for Debenture \nHolders and Issuer \n-None- \n-None- \n-None- \n-None- \n-None- \nPrincipal Payment Before \nthe Maturity Date \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nMaturity Value \nTHB 1,000 \nUSD 10,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nCollateral \n-None- \n-None- \n-None- \n-None- \n-None- \nDebenture Rating \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \n131 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Debenture Details \nBanpu \nDebentures \nNo. 2\/2021 \nTranche 1 \nBanpu \nDebentures \nNo. 2\/2021 \nTranche 2 \nBanpu \nDebentures \nNo. 2\/2021 \nTranche 3 \nBanpu \nDebentures \nNo. 2\/2021 \nTranche 4 \nBanpu \nDebentures \nNo. 1\/2022 \nTranche 1 \nIssuer \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nTotal Value of Debentures \nTHB 3,945 \nMillion \nTHB 4,010 \nMillion \nTHB 6,045 \nMillion \nTHB 2,000 \nMillion \nTHB 2,000 \nMillion \nType of Debenture \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nAmount of Debentures \n3,945,000 Units \n4,010,000 Units \n6,045,000 Units \n2,000,000 Units \n2,000,000 Units \nPar Value \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nOutstanding \nDebenture Value \nas of 31 December 2023 \nTHB 3,945 \nMillion \nTHB 4,010 \nMillion \nTHB 6,045 \nMillion \nTHB 2,000 \nMillion \nTHB 2,000 \nMillion \nCoupon Rate \n2.90% \n3.30% \n3.80% \n1.58% \n1.76% \nTenor \n5 Years \n7 Years \n10 Years \n3 Years \n3 Years \nIssue Date \n4 August 2021 \n4 August 2021 \n4 August 2021 \n4 August 2021 \n27 January 2022 \nMaturity Date \n4 August 2026 \n4 August 2028 \n4 August 2031 \n4 August 2024 \n27 January 2025 \nCall Option for Debenture \nHolders and Issuer \n-None- \n-None- \n-None- \n-None- \n-None- \nPrincipal Payment Before \nthe Maturity Date \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nMaturity Value \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nCollateral \n-None- \n-None- \n-None- \n-None- \n-None- \nDebenture Rating \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \n132 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Debenture Details \nBanpu \nDebentures \nNo. 1\/2022 \nTranche 2 \nBanpu \nDebentures \nNo. 1\/2022 \nTranche 3 \nBanpu \nDebentures \nNo. 1\/2022 \nTranche 4 \nBanpu \nDebentures \nNo. 1\/2022 \nTranche 5 \nBanpu \nDebentures \nNo. 2\/2022 \nTranche 1 \nIssuer \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nTotal Value of Debentures \nTHB 1,000 \nMillion \nTHB 2,000 \nMillion \nTHB 3,000 \nMillion \nTHB 4,000 \nMillion \nTHB 4,000 \nMillion \nType of Debenture \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nAmount of Debentures \n1,000,000 Units \n2,000,000 Units \n3,000,000 Units \n4,000,000 Units \n4,000,000 Units \nPar Value \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nOutstanding \nDebenture Value \nas of 31 December 2023 \nTHB 1,000 \nMillion \nTHB 2,000 \nMillion \nTHB 3,000 \nMillion \nTHB 4,000 \nMillion \nTHB 4,000 \nMillion \nCoupon Rate \n3.11% \n3.58% \n3.89% \n4.12% \n3.26% \nTenor \n6 Years \n8 Years \n10 Years \n12 Years \n4 Years \nIssue Date \n27 January 2022 \n27 January 2022 \n27 January 2022 \n27 January 2022 \n20 September 2022 \nMaturity Date \n27 January 2028 \n27 January 2030 \n27 January 2032 \n27 January 2034 \n20 September 2026 \nCall Option for Debenture \nHolders and Issuer \n-None- \n-None- \n-None- \n-None- \n-None- \nPrincipal Payment Before \nthe Maturity Date \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nMaturity Value \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nCollateral \n-None- \n-None- \n-None- \n-None- \n-None- \nDebenture Rating \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \n133 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Debenture Details \nBanpu \nDebentures \nNo. 2\/2022 \nTranche 2 \nBanpu \nDebentures \nNo. 2\/2022 \nTranche 3 \nBanpu \nDebentures \nNo. 1\/2023 \nTranche 1 \nIssuer \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nTotal Value of Debentures \nTHB 1,860 \nMillion \nTHB 3,240 \nMillion \nTHB 3,226.8 \nMillion \nType of Debenture \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nAmount of Debentures \n1,860,000 Units \n3,240,000 Units \n3,226,800 Units \nPar Value \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nOutstanding \nDebenture Value \nas of 31 December 2023 \nTHB 1,860 \nMillion \nTHB 3,240 \nMillion \nTHB 3,226.8 \nMillion \nCoupon Rate \n3.80% \n4.20% \n3.26% \nTenor \n7 Years \n10 Years \n5 Years \nIssue Date \n20 September 2022 \n20 September 2022 \n8 March 2023 \nMaturity Date \n20 September 2029 \n20 September 2032 \n8 March 2028 \nCall Option for Debenture \nHolders and Issuer \n-None- \n-None- \n-None- \nPrincipal Payment Before \nthe Maturity Date \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nMaturity Value \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nCollateral \n-None- \n-None- \n-None- \nDebenture Rating \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \n134 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Debenture Details \nBanpu \nDebentures \nNo. 1\/2023 \nTranche 2 \nBanpu \nDebentures \nNo. 1\/2023 \nTranche 3 \nBanpu \nDebentures \nNo. 1\/2023 \nTranche 4 \nIssuer \nBanpu Plc. \nBanpu Plc. \nBanpu Plc. \nTotal Value of Debentures \nTHB 1,531.4 \nMillion \nTHB 1,951.8 \nMillion \nTHB 1,490 \nMillion \nType of Debenture \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nName-registered, \nunsubordinated \nand unsecured \ndebentures with \na debenture \nholders\u2019 \nrepresentative \nAmount of Debentures \n1,531,400 Units \n1,951,800 Units \n1,490,000 Units \nPar Value \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nOutstanding \nDebenture Value \nas of 31 December 2023 \nTHB 1,531.4 \nMillion \nTHB 1,951.8 \nMillion \nTHB 1,490 \nMillion \nCoupon Rate \n3.76% \n4.04% \n4.46% \nTenor \n7 Years \n10 Years \n15 Years \nIssue Date \n8 March 2023 \n8 March 2023 \n8 March 2023 \nMaturity Date \n8 March 2030 \n8 March 2033 \n8 March 2038 \nCall Option for Debenture \nHolders and Issuer \n-None- \n-None- \n-None- \nPrincipal Payment Before \nthe Maturity Date \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nThe debenture \nissuer will pay \nthe principal on \nthe maturity date. \nMaturity Value \nTHB 1,000 \nTHB 1,000 \nTHB 1,000 \nCollateral \n-None- \n-None- \n-None- \nDebenture Rating \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \nA+ \nTRIS Rating \nCo., Ltd. \n135 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","DIVIDEND POLICY \nBanpu has a policy to pay approximately 50% of its net pro\ufb01ts from the consolidated \n\ufb01nancial statements, less all kinds of statutory and corporate reserves. \nHowever, the dividend payout rate will depend on cash \ufb02ows, \ninvestment obligations of the Company and its a liates as well as \n! \nlegal restrictions and other requirements. \nThe Company\u2019s affiliates have a policy to pay the dividend from net profits after the deduction of all reserves \nrequired by governing laws. The Board of Directors shall consider the dividend payout rate based on operating \nincome, financial conditions, and capital requirements. After that, it will be proposed to shareholders for approval. \nFor the past five years, Banpu Public Company Limited has paid out dividends as follows: \nYear \nDividend Rate \nfor First Six \nMonths \n(THB\/Share) \nDividend Rate \nfor Second Six \nMonths \n(THB\/Share) \nDividend Rate \nfor Full Year \n(THB\/Share) \nNet Pro\ufb01t \n(THB\/Share) \nDividend Payout \nper Net Pro\ufb01t \n(%) \n2019 \n0.25 \n0.35 \n0.60 \n(0.08) \nn.a. \n2020 \n0.15 \n0.15 \n0.30 \n(0.30) \nn.a. \n2021 \n0.20 \n0.25 \n0.45 \n1.59 \n28% \n2022 \n0.45 \n0.75 \n1.20 \n5.65 \n21% \n2023 \n0.25 \n0.20 \n0.45 \n0.615 \n73% \n* The Company announced a total dividend of THB 0.45 per share arising from its performance during the period from 1 January 2023 to 31 December 2023, \nof which THB 0.25 was paid on 29 September 2023. The remaining dividend of THB 0.20 per share for 2023 performance will be paid on 30 April 2024. \n136 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","RISK MANAGEMENT \nRisk Management \nAmid volatility and uncertainty in a business \nenvironment influenced by significant external \nfactors affecting the global economy, such as \ngeopolitical conflicts, increasing interest rates, and \nfluctuations in coal, oil, and natural gas prices, Banpu \nplaces importance on systematic and effective risk \nmanagement. This is aimed at minimizing potential \nrisks and their adverse impacts while enhancing \nbusiness opportunities to create added value for \nthe Company. In 2023, Banpu managed its risks \nby implementing a production optimization plan to \ntackle price volatility and meet consumers\u2019 energy \nconsumption demands, enabling the Company to \ngenerate more revenue while market prices are high. \nThe Company is committed to risk management in \nconjunction with strategic planning to ensure the \nCompany\u2019s growth and to achieve strategic goals \nand objectives within an acceptable risk appetite. \nIn addition, the Company invested more in cleaner \nenergy and energy technology businesses in 2023 \naccording to the Greener & Smarter strategy, which \naligns with future trends in the energy business and \nmeets all stakeholders\u2019 needs and expectations \nregarding environmental sustainability. \nRisk Management Structure \nThe Company\u2019s risk management is under the \nsupervision of the Board of Directors through the Audit \nCommittee, the Environmental, Social, and Governance \n(ESG) Committee, and the Risk Management Committee, \nwhich are assigned to monitor risks and performance \naccording to risk mitigation plans in all business units. \nThe Enterprise Risk Management Department quarterly \nreports the results of risk management performance \nreviews to the Risk Management Committee, the \nAudit Committee, the ESG Committee, and the Board \nof Directors to ensure that key and emerging risks \nare addressed in order to reduce risk likelihood and \npotential impacts within the risk appetite. \nIn addition, the Company emphasizes specific risk \nmanagement under the responsibility of various \ncommittees, such as the Investment Committee (IC), \nthe Financial Management Committee (FMC), and \nthe Commodity Risk Management Committee (CRMC), \nto increase efficiency and closely monitor the situation \nand progress. \nRisk Management Culture \nThe Enterprise Risk Management Department is \nresponsible for the company-wide implementation of \nrisk management policy and framework by employing \nvarious tools, such as identification of risk appetite and \nKey Risk Indicators (KRIs), which are reviewed and \nimproved regularly to align with the Company\u2019s strategy. \nThe Company has also promoted the inclusion of risk \nissues in critical meetings and the cultivation of a risk \nmanagement culture by integrating risk management \nin the employees\u2019 training courses. It organized risk \nworkshops to improve understanding and efficiency in \nrisk assessment, preparing communication materials, \nhosting activities, and encouraging employees to \nparticipate in risk-related activities to gain a better \nunderstanding. Moreover, the Company annually \norganizes training sessions on risk management for the \nBoard of Directors and independent directors. In 2023, \nspecific training sessions were conducted on \u201cESG \nRisks and Trends in the Power Business\u201d, as well as \non \u201cRaising Awareness of Cyber Threats\u201d. \nBusiness Risk Factors \n1. \nStrategic Risk \n1.1 Risks in Strategic Planning and \nImplementation \nAmid the geopolitical conflicts, the imbalance \nbetween energy demand and supply, legal and \nregulatory changes, disruptive technology trends, \nand growing investor and stakeholder expectations, \nthe Company has reviewed its business direction \nand strategy to align with the changing situations. \nRisk Management for \nESG Development \nin the aspects of: \nSocial \nEnvironmental \nGovernance \n137 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","It also prioritizes sustainability issues by defining \nESG-based strategies to deliver Smarter Energy for \nSustainability. A business plan has been formulated \nto be more flexible and agile to withstand challenges \nand enhance competitiveness. Simultaneously, \nthe Company smartly deployed innovation and \ntechnology and maintained financial liquidity through \nrevenue generation and risk mitigation, focusing on \nprojects that could generate immediate cash flow. \nThe Company has also reduced expenses and stabilized \ncash flow to effectively tackle uncertainty. It organizes \nmonthly meetings to analyze the present situation \nand trends, comparing data from reliable institutions \nand sources to assist decision-making and inform \nthe deliberation of future business approaches. \n1.2 Risk in Human Resources (HR) \nManagement and Development to \nAccommodate Future Growth \namong employees and working across countries. \nAdditionally, the Company emphasizes fostering the \ncorporate culture, \u201cBanpu Heart,\u201d by internalizing 3 \ncore values: Passionate, Innovative, and Committed. \nThese shared values facilitate smooth operations and \neffective collaboration among employees across all \nlocations. \nFor top executives and critical positions, the Company \nhas a process to select, review, and monitor succession \nplanning and high-potential talent management. \nThe Succession Planning Committee is responsible \nfor creating individual development plans for selected \ncandidates as well as monitoring and evaluating \nthe results. New executives are also recruited to \nstrengthen the Company. In addition, the Company \nhas adopted the Success Factors system as a standard \nfor developing a succession plan and individual \ndevelopment plans, aiming to improve the efficiency \nof succession planning for critical roles. \n1.3 Corporate Reputation Risk \nBanpu prioritizes corporate brand and reputation risk \nmanagement as it could rapidly and immensely pose \nadverse impacts that cannot be valued in monetary \nterms in both the short and long run. The Company \nis committed to conducting business according to the \nGreener & Smarter strategy and the Environmental, \nSocial, and Governance (ESG) principles to drive \nbusiness growth and generate sustainable benefits \nand returns to all stakeholders. Banpu adopted the \nManagement Framework \u2013 Stakeholder Analysis \nbased on the AA1000 Stakeholder Engagement \nStandard (AA1000SES) for materiality assessment in \ncompliance with the three principles of inclusivity, \nmateriality, and responsiveness. In addition, \nthe Company has improved the approach for \nmateriality assessment by considering the three \naspects of social capital management including \nhuman capital, natural capital, and social capital. \nRisk Management for \nESG Development \nin the aspects of: \nSocial \nTo accommodate future growth in accordance with \nthe Greener & Smarter strategy, Banpu has improved \nHR strategies and management approaches to enhance \nemployee capabilities in alignment with the Company\u2019s \nstrategy. It has reviewed the organizational structure to \nbetter support operations and analyzed the workforce \nand HR development plans. The Company has formulated \nthe training and development policy and allocated \nmore than 5% of salary budgets in each host country \nfor HR development. It has also developed the Banpu \nLearning and Development Framework for workforce \ndevelopment planning in order to fill the competency \ngaps of employees throughout the organization. \nThe workforce development plan is reviewed annually, \nwith each employee having an individual development \nplan based on their required competencies, including \nfunctional and leadership competencies specific to \ntheir job positions. In terms of new leader development, \nBanpu has designed the Banpu Global Leadership \nprogram to promote cross-cultural working and \ncross-functional networking to foster collaboration \nRisk Management for \nESG Development \nin the aspects of: \nSocial \nGovernance \n138 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","The Company has aligned corporate communications \nand brand management with its direction and \ncommitment to ESG principles by developing \ncommunication strategies to achieve quick and \naccurate communications while ensuring good \nunderstanding among all stakeholders. These \ninclude quarterly analyst meetings for investors and \nanalysts, a direct communication channel for local \nand international investors via the Investor Relations \nDepartment, and communications of its Corporate \nSocial Responsibility (CSR) activities. Additionally, \nthe Company promotes good relationships with local \ncommunities and regularly conducts satisfaction \nsurveys with community members, stakeholders, \ncustomers, and employees to assess their attitudes \nand opinions toward the Company. A whistleblower \nchannel has also been established to gather \ninformation to improve the Company\u2019s operations. \nAccordingly, in 2023, Banpu was selected as a \nmember of the Dow Jones Sustainability Indices \n(DJSI) in Emerging markets for the 10th consecutive \nyear. The recognition reflects the Company\u2019s \ncommitment to delivering \u201cSmarter Energy for \nSustainability\u201d to improve people\u2019s quality of life \nthrough sustainable business operations in all three \naspects of Environmental, Social and Governance \n(ESG) in tandem with business development under \nthe Greener & Smarter strategy. Apart from that, \nBanpu received the Sustainability Awards of Honor, a \ncategory under the Sustainability Excellence Awards, \nfor the 6th consecutive year, reaffirming its leading \nposition as an international versatile energy provider \nin the Asia-Pacific region with a determination to \nexcel in innovation, technology, and sustainability. \nFurthermore, Banpu was ranked one of the top listed \ncompanies with Excellent CG Scoring, according \nto the Corporate Governance Report of Thai Listed \nCompanies 2023 conducted by the Thai Institute of \nDirectors Association (Thai IOD), with support from \nthe Stock Exchange of Thailand (SET). \nRisk Management for \nESG Development \nin the aspects of: \nGovernance \nEconomic volatility and international unrest have \ndirectly impacted the prices of coal, oil, natural \ngas, and renewables. Moreover, changes in policy \nand regulations have also influenced investment \nreturns and the company\u2019s growth. Therefore, Banpu \nprioritizes the management of these risks to ensure \nthat both its existing assets and new investments \ncreate value for the Company no less than what had \nbeen estimated prior to the acquisition. The Company \nhas established an investment decision-making \nprocess in which the Investment Committee (IC), \ncomprising executive officers and experts in relevant \nareas, carefully considers and provides opinions \non various aspects of the new investments, such \nas alignment with the Company\u2019s growth strategy, \nthe required return on investment and the project\u2019s \nrisk assessment. The Committee regularly monitors \ninvestment performance and changes in factors \naffecting the target rate of return to enable a prompt \nand effective response to problems while consistently \nmonitoring and analyzing its investment portfolio. \nBanpu also emphasizes management to achieve \nsynergy between the Company and its new entities \nthrough resource planning, staff capacity building, \nand appropriate restructuring to facilitate change \nmanagement, resulting in seamless investment while \nmaintaining consistent long-term growth and returns \naccording to the strategic plan. \nIn 2023, Banpu pursued the transition of its business \nportfolio in alignment with the Greener & Smarter \nstrategy to cover the entire energy supply chain \nin order to meet modern consumer demands and \ncreate value for stakeholders inside and outside \nthe organization by embracing the ESG principles \nrepresenting the three pillars of the environment, \nsocial, and governance. The Company \n1.4 Risk of Success and Investment Returns \nin Businesses \n139 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","continued expanding its greener energy portfolio \nboth domestically and internationally. It has invested \nin Carbon Capture Utilization and Storage (CCUS) \nprojects in the U.S. and expanded power generation \ncapacity through the acquisition of the Temple II \ngas-fired power plant. Furthermore, the Company \nis conducting a feasibility study of diversifying to \na strategic mineral business, particularly critical \nminerals such as nickel, copper, and lithium, which \nare upstream resources for clean energy solutions. \nBanpu recognizes the importance of deploying \ntechnology in expanding its energy businesses, \nemphasizing building a comprehensive customer \nbase and creating investment partners, which include \nsolar rooftop and solar floating development and \ninstallation, smart city management, Mobility as a \nService (MaaS), energy storage systems development \nand manufacturing, and energy trading platform. \nThese will increase Banpu\u2019s robustness and enable \ncomprehensive energy services in the future. Banpu is \nfocusing on investments in clean energy business and \nenergy technology, aiming to significantly increase \nEBITDA contribution from greener and smarter \nbusiness from 30% to more than 50% by 2025. \nThis is to ensure alignment with the Company\u2019s \nenergy transition plan as well as its strategic plan, \nwhich is consistent with the global goals to combat \nclimate change and achieve sustainability in line with \nits commitment to the ESG principles. \nIn addition, Banpu has expanded its investment \nin Corporate Venture Capital (CVC), focusing on \nfunds and startups in energy technologies that can \ncontrol or reduce global emissions. This aligns with \nthe Company\u2019s strategy to seek opportunities for \nadditional investments in new S-curve businesses with \nhigh potential and growth rates driven by advanced \ntechnology. These investments have also laid the \nfoundation for increased knowledge and expertise in \nnew business areas, which will help expand Banpu\u2019s \nportfolio and add value in line with the growth plan \nfor its existing energy businesses. \n1.5 Risks from the Advancement of Technologies \nA ecting the Energy Industry \n! \nNowadays, the energy industry\u2019s growth is increasingly \nchallenged by environmental and technological \nissues, such as greenhouse gas emissions that affect \nthe climate, carbon taxes, and the application of \nenvironmental policies and agreements. Development \nof innovative technologies and promotion of innovation \nin the workplace is thus regarded as a significant \nstrategic approach to prepare businesses for \nenvironmental changes and enhance competitive \nadvantage in an efficient and sustainable manner. \nThe Company has expedited Banpu Transformation \naccording to the Greener & Smarter strategy to adapt \nto changing business scenarios in a timely manner \nand establish an energy ecosystem to drive its mission \nof delivering Smarter Energy for Sustainability. This \ninvolves preparing technology and innovation as \nfollows: \n\u2022 \n Restructuring the energy portfolio by shifting to \ngreener and smarter energy. Banpu is working \ntoward achieving its CO2 reduction target \nthrough various initiatives, such as Barnett Zero, \na Carbon Capture, Utilization and Sequestration \n(CCUS) project in the U.S., which has begun \nits first injection, marking another crucial step \nforward in achieving sustainable natural gas \ndelivery worldwide. Additionally, Banpu has \ninvested in the Cotton Cove and High West \nprojects, aimed at reducing CO2 emissions \nfrom its upstream and operating projects. These \nprojects will be prototypes for future projects, \nreinforcing Banpu\u2019s standpoint in delivering \n\u201cSmarter Energy for Sustainability.\u201d \n\u2022 \n Establishing a Corporate Venture Capital (CVC) \nunit to explore new investment opportunities, \nfocusing on investments in funds and startups \nutilizing advanced technologies, having long- \nterm competitive advantages, and generating \nsustainable favorable returns \nRisk Management for \nESG Development \nin the aspects of: \nEnvironmental \n140 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","\u2022 \n Expanding investment into the battery business \nby acquiring an additional stake in Durapower, \npartnering with SVOLT Thailand, a manufacturer \nand distributor of lithium-ion batteries for electric \ncars, which are regarded as the heart of electric \nvehicles, and investing in a large-scale battery \nfarm project, Iwate Tono \n\u2022 \n Implementing Digital Transformation to increase \ncompetitiveness by establishing the Digital and \nInnovation unit to promote the utilization of \ndigital technology and agile working for work \nprocess development, e.g., developing Mine \nOperation Collaboration Application (MOCA) to \nimprove the contractor evaluation process using \na digital checklist, enabling involved employees \nto submit a daily status report to relevant parties \nand promptly request solutions for problems at \nwork sites \n\u2022 \n Deploying high-efficiency, low-emissions \ntechnologies in the production process, e.g., \nthe Combined Cycle Gas Turbines (CCGT) at \nTemple I and Temple II power plants in the \nU.S. and the Integrated Gasification Combined \nCycle (IGCC) at the Nakoso IGCC power plant \nin Japan, to improve fuel efficiency and reduce \nemissions; emphasizing investments in cleaner \nenergy and energy technology to satisfy future \ndemands for greener and smarter energy with \ncutting-edge technologies \n\u2022 \n Regularly providing skills and knowledge \ndevelopment about energy technology and digital \ntechnologies; cultivating a work environment \nbased on \u2018Banpu Heart\u2019 corporate culture, which \nfosters experimentation, learning, resilience, \nand continuous improvement; recruiting more \ndigital staff who are experts and specialists to \nwork in the Digital Capability Center (DCC) in \nvarious countries to enhance collaboration across \nbusiness units and encourage innovation in \nthe workplace. \nInternational conflicts, economic volatility, exchange \nrate and interest rate fluctuations, as well as policy \nchanges, can pose a significant impact on the supply \nchain within a country and across borders. They may \naffect investment, employment, and the manufacturing \nof business units, prompting companies to adapt their \noperations to these uncertain situations. \nBanpu is aware of the importance of supply chain \nrisk management and has implemented supplier \nmanagement according to the Sustainable Supply \nChain Policy to achieve its goal of creating sustainable \nvalue across the supply chain. Targets in safety, \noccupational health, environment, social, and \ncorporate governance operations are integrated into \nsupply chain management strategy and relevant \npolicies. The Company has constantly sought to \nimprove the supply chain and mitigate potential risks. \nThe Company closely monitors local and international \npolitical and economic situations, assessing the \npotential risks and impacts of each incident. It ensures \nthe availability of production inputs by adequately \nand properly stocking critical spare parts. Moreover, \nit entered into long-term coal purchase contracts to \nsecure coal supply for power generation and maintain \nadequate coal stocks for its power plants. To meet \ncustomer demands, the Company has adjusted the \npower plants\u2019 operating system to be flexible, suitable, \nand consistent with the demands. It maintains good \ncustomer relationship management and seeks \nopportunities to attract new customers and invest in \nnew businesses to increase sustainability and align \nwith the Greener & Smarter strategy. In addition, the \nCompany addresses supply chain risk by utilizing \noil swaps as a derivative instrument to mitigate the \nimpact on production costs. It closely monitors and \nassesses the coal market situation and price trends \nto determine the most opportune time to settle sales \ncontracts with contract customers, taking into account \nthe appropriate proportion of coal under fixed price \nand index-linked contracts to suit market conditions. \n1.6 Supply Chain Risk \nRisk Management for \nESG Development \nin the aspects of: \nSocial \nGovernance \n141 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","The US Federal Reserve\u2019s implementation of a monetary \npolicy in 2023 has increased interest rates. Consequently, \nBanpu sought long-term loans for its operations in \nthe form of debentures with fixed interest rates and \nfinancial institution loans with both fixed and floating \ninterest rates. The Company manages interest rate \nrisk by constantly monitoring interest rates in each \ncountry where it operates. It also prevents interest rate \nrisk by converting the floating rate to an appropriate \nfixed rate and manages the ratio of debts with fixed \nand floating interests to be appropriate to the nature \nof the Company\u2019s business. \nBanpu pays taxes within the period specified by law \nto mitigate taxation risks. The Company has created \ntax guidelines and prepared complete and sufficient \ndocuments for settling tax payments. The investment \nstructure was regularly reviewed. Additionally, all \nexecutives in each country are assigned to closely \nmonitor changes in rules and policies of their \nrespective countries, both at the central and local \ngovernment levels. It includes hiring local legal \nconsulting firms to advise on legal compliance \npractices. \nIn the event of taxation disputes with a government \nagency, the Company would provide the agency with \naccurate tax information in relation to its business. The \nCompany would also hire expert tax consultants to \nprovide advice and handle disputes when necessary. \nRisk Management for \nESG Development \nin the aspects of: \nGovernance \nRisk Management for \nESG Development \nin the aspects of: \nGovernance \nRisk Management for \nESG Development \nin the aspects of: \nGovernance \nRisk Management for \nESG Development \nin the aspects of: \nGovernance \n2. \nFinancial Risks \n2.1 Exchange Rate Risk \n2.2 Interest Rate Risk \n2.3 Taxation Risk \n2.4 Funding Risk \nThe Company follows the risk mitigation plan to mitigate \nthe impact of exchange rate fluctuations at both the \ncorporate and group levels in all countries of operations. \nThe Financial Management Committee convenes to \ndeliberate and choose the suitable financial instruments \nfor each situation. There are measures to balance \nincoming and outgoing cash flows in foreign currencies \nas well as adjust foreign currency forward contracts \nbased on estimated revenues, expenses, and debenture \nrepayments. \nAs of 31 December 2023, 53% of the Company\u2019s \ndenominated debt was in Thai Baht, 42% in US \nDollar, 4% in Australian Dollar, and 1% in Chinese \nYuan Renminbi. This included capital raised in US \nDollar or an amount converted into other foreign \ncurrencies to accommodate overseas investments. \nThe Company has investment plans to continuously \nexpand its business in line with the Greener & \nSmarter strategy, which involves a number of financial \nobligations. Moreover, financial institutions have \nbecome stricter with financing, considering ESG factors \nin loan approval. This requires close and constant \nmonitoring and risk management, as well as prudent \ninvestment plans. To obtain funding at a fair cost, the \nCompany has created a financial forecast as a financial \nmanagement tool, estimating and analyzing various \nfinancial ratios that will occur in the future to ensure \nthat key financial ratios are at appropriate levels. The \nCompany oversees corporate governance to ensure \nalignment with the ESG principles and monitors factors \naffecting financing to acquire funding as planned at \nreasonable costs. \n142 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","The Company stresses mitigating the risk arising \nfrom production uncertainty, which is a crucial factor \naffecting business operations in both the short and long \nterms. The Company has implemented the following \nrisk mitigation measures to maintain stability and \nensure production efficiency and reliability. \n\u2022 \n Establishing an operational excellence framework \nthat ensures efficiency, production continuity, \nand machine and operator safety and supports \npreventative maintenance. \nDue to the ongoing volatility in coal, oil, and natural \ngas prices and its impact on the Company\u2019s operating \nresults, Banpu has appointed the Commodity Risk \nManagement Committee (CRMC) to manage the risk. \nThe CRMC analyzes coal, oil, and natural gas price \ntrends and manages the risk by utilizing financial \nderivatives \u2013 coal swap, oil swap, and gas collar option. \nThe Company also closely monitors and assesses \nthe coal market situation and price trends to seek \nthe most opportune time to settle sales contracts \nwith contract customers while taking into account the \nappropriate proportion of coal under fixed and index- \nlinked prices to suit the market conditions at that time. \nTo mitigate risks in the merchant power market, \nthe Company has formulated a Hedging \nRisk Management Policy and employed appropriate \ninstruments to mitigate risks within the specified scope \nwhile ensuring accurate electricity demand forecasting \nat different periods of time. \nRisk Management for \nESG Development \nin the aspects of: \nGovernance \n3. Operational Risk \n3.1 Risk from Volatility in Coal, Oil, Natural Gas \nand Electricity Prices \nRisk Management for \nESG Development \nin the aspects of: \nGovernance \n3.2 Production Risk \n\u2022 \n Developing the transportation system to support \nproduction and sales in line with the long-term \nbusiness plan, both in terms of operational efficiency \nand management flexibility. Examples include \nthe expansion of stockpile areas, the increase \nof loading capacity at Bunyut Loading Port, and \nthe increase of barge unloading capacity using \na barge crane at Bontang Port. \n\u2022 \n Deploying digital technology systems to increase \nefficiency as follows: \n\u0e50 \nDeveloping automation technology for coal \nmine management and operations to reduce \nerrors in manual systems, lower production \ncosts, improve productivity and control \nproduction quality. \n\u0e50 \nDeveloping Mine Operation Collaboration \nApplication (MOCA) to improve the process \nof contractor evaluation by using a digital \nchecklist so that involved operators can submit \na daily status report to relevant parties and \nrequest problem-solving at work sites in a timely \nmanner \n\u0e50 \nDeveloping the IMM Port Logistic Optimization \nplatform that systematically analyzes and \nprocesses port logistics data to mitigate \nthe risk of being charged a penalty for \nshipping delays \n\u0e50 \nDeveloping the Port Operation and Maintenance \nManagement (POMM) system to ensure port \nreadiness to satisfy diverse customer needs \nand the capacity to continuously operate \nwith maximum efficiency \n\u0e50 \nIntegrating the automation system, data \nanalytics, and lean operation into managing a \nlarge number of natural gas wells to enhance \nproductivity and reduce production costs \n\u2022 \n Performing root cause to improve operational \nsystems in terms of plant reliability and plant \nefficiency. Several support systems, such as risk- \nbased inspection and predictive maintenance \n143 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","systems, have been put in place at the power \nplants, with adequate and appropriate critical \nspare parts. Advanced Leakage Monitoring and \nAlerting Software (ALMA) was also developed to \nassist advanced maintenance planning to reduce \nloss of income from unplanned downtime. \n\u2022 \n Regularly organizing staff training to enhance \ntheir knowledge and competency and promoting \nknowledge sharing across departments or \ncompanies in Banpu Group \n\u2022 \n Procuring necessary insurance, such as property \ndamage insurance and business interruption \ninsurance, to prepare for possible incidents \nRisk Management for \nESG Development \nin the aspects of: \nSocial \nGovernance \nThe Company is committed to providing a healthy \nand safe work environment for all employees \nand related people working for the Company, \nas improper health and safety management can \nlead to disruptions in production and supply chain. \nTherefore, to ensure that all Banpu work areas \nare safe and work environment complies with \nthe principles of occupational health and safety, \nthe Company has implemented occupational health \nand safety risk management measures as follows: \n\u2022 \n Announcing Occupational Health and Safety \nPolicy and the 3-Zero targets: Zero Incident, \nZero Repeat of incidents, and Zero Compromise \nto non-compliance with occupational health and \nsafety standards or legal requirements \n\u2022 \n Adopting the ISO 45001 Occupational Health and \nSafety standard as a guideline of occupational health \nand safety management as well as the framework \nof safety culture with emphasis on safety system, \nsafety competencies, and safety behaviors of \nemployees in Banpu Group and its subsidiaries \n3.3 Occupational Health and Safety Risk \n\u2022 \n Establishing an occupational health and safety \nunit to oversee compliance of occupational health \nand safety with local laws in each host country \nand Banpu\u2019s standards. The effectiveness of \neach country\u2019s occupational health and safety \noperations is reviewed on a monthly, quarterly, \nand annual basis. \n\u2022 \n Deploying a harzard and risk identification process \nthat covers both routine and non-routine tasks. \nThe Company has established risk mitigation \nmeasures according to the hierarchy of controls, \ncommunication plans, and risk surveillance and \nmonitoring. \n\u2022 \n Monitoring the work environment through regular \nassessment according to each operating area\u2019s \nrisk factors, such as air quality, noise levels, \nconcentrations of hazardous chemicals, and light \nintensity, to ensure full compliance with laws \n\u2022 \n Establishing occupational health and safety \nperformance as part of the KPIs of Banpu\u2019s Chief \nExecutive Officer, including senior executives of \nall business units and subsidiaries \n\u2022 \n Administering health checks for employees and \ncontractors based on their risk factors while \nmaintaining the confidentiality of employee medical \ninformation to comply with the Personal Data \nProtection Act (PDPA). In addition, mobile medical \nunits are prepared for emergencies occurring in \nthe workplace, and medical evacuations are provided \nfor international workers through the International \nSOS Service. \n\u2022 \n Encouraging employees at all levels to get involved \nin improving safety by voicing their opinions through \nvarious channels, e.g., the Safety Perception Survey, \nthe Safety Committee, cross-country knowledge \n-sharing forumssuch as Sustainability Family \nmeetings and the ESG Summit. The information \ngained will be regularly reviewed and formulated into \nshort and long-term improvement plans. \n\u2022 \n Developing a business continuity management \nsystem based on international standards such \n144 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Banpu formulated the Environmental Policy and related policies, the Greener & Smarter strategy, and short- and \nlong-term sustainable development goals to drive the Company toward achieving the UN\u2019s Sustainable Development \nGoals (SDGs). In the environmental aspect, the Company adheres to environmental standards and focuses on \neffective resource utilization to conserve natural resources and minimize direct and indirect environmental impacts. \nIt has implemented measures for climate change management, waste management, land utilization, biodiversity \nconservation, and water resources utilization. \nas ISO 22301. Every key business unit must \nhave a business continuity plan and conduct an \nemergency drill annually. The Company monitors \nIn 2023, the Company implemented the following environmental measures. \nIssue \nKey Risk Mitigation Measures \nClimate Change \n\u2022 Established policies and goals for greenhouse gas management to \nimprove energy efficiency, including the selection of technologies \nthat reduce greenhouse gas emissions \n\u2022 Set up the Climate Change Committee and including climate change \nmanagement as one of the key performance indicators for the CEO \nand senior management in all relevant business units \n\u2022 Set up a Task Force on Climate-related Financial Disclosure (TCFD) \nProduction Waste \nManagement \n\u2022 Announced the Waste Management Policy as practice guidelines for \nall business units \n\u2022 Focused on waste minimization by conserving, reducing, reusing, \nrecycling, recovering waste, and using waste as fuel to reduce the \namount of waste going to incineration or landfills \n\u2022 Established waste management standards in line with international \npractices and the requirements of each operating country \n3.4 Environmental Risk \nRisk Management for \nESG Development \nin the aspects of: \nEnvironmental \nand reviews the performance of the system \nthrough internal audits, external audits, and \nannual management reviews. \n145 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Issue \nKey Risk Mitigation Measures \nLand Utilization \nand Biodiversity \n\u2022 Announced the Biodiversity Policy \n\u2022 Developed a mining plan carefully to minimize the impacts on \ngeographic conditions, biodiversity, and ecosystems by including a \nmine closure plan from the beginning of the project \n\u2022 Conducted biodiversity risk assessment annually and using the \nresults as input for rehabilitation planning to minimize the biodiversity \nimpacts \n\u2022 Developed a biodiversity management plan for all mines with \nhigh biodiversity risk to achieve a target of net positive impact on \nbiodiversity upon closure of the mine by 2025 \nWater Resources \nUtilization \n\u2022 Developed a water management plan that covers water withdrawal, \nwater use for production, and water discharge, as well as extending \nthe scope of water management to the river basin level \n\u2022 Measured water quality before discharge into the environment both \nby the Company and external entities \n\u2022 Assessed water shortage risk in the operating locations based on \nthe data of World Resources Institute\u2019s Aqueduct Water Risk Atlas to \ndevelop plans and policies to prevent the impacts on the environment \nand communities in the operational areas and establish community \ncollaboration in managing such risk \n\u2022 Organized a project to reduce water utilization in the production \nprocess, reuse water, and separate surface water to prevent \ncontamination with wastewater \n146 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","The Company has carried out community development \nactivities in every location where it operates, \nstressing collaboration with its stakeholders, namely \ncommunities, government agencies, and other \nrelated parties. It has also formulated the Community \nDevelopment Policy, set management standards, and \nestablished strategies and targets for community \ndevelopment activities based on the local government\u2019s \nregulations and relevant international standards such \nas the UN\u2019s Sustainable Development Goals (SDGs). \nWorking with its stakeholders, the Company has \ncarried out community development activities in six \nkey areas: economy, education, hygiene and primary \nhealth care, environmental conservation, social and \ncultural promotion, and infrastructure development. \nMoreover, the Company has adopted the social return \non investment (SROI) framework to measure the social \nimpacts of its community development projects to \nmaximize the efficiency of its operations in line with \nits Sustainability Policy. \nThe Company has implemented the community \ncomplaint management system in all business units \nto ensure systematic management of potential risks. \nThe system includes indigenous people management \nand resettlement management where relocation of \ncommunities is necessary. In addition, the Company \nrequires that all operating locations conduct the \ncommunity perception survey as a standard practice \nto gather information on community perception and \nacceptance as well as community concerns and \nsuggestions, which will be used as input for further \nimprovement. A community satisfaction survey is also \nrequired to gather data on quality-of-life enhancement \nprojects, and the results are used to improve \nthe operations for the benefit and satisfaction of \nthe community. Moreover, the Company implemented \na quality assurance review assessed by employees \nnot involved in community development activities to \nensure the highest transparency and efficiency. \nApart from that, in 2023, the Company conducted \na human rights impact assessment through Human \nRights Due Diligence for its renewable power \ngeneration business in Vietnam and its joint venture \nthermal power generation business in Thailand. \nThe assessment results of impacts and risk control \nmeasures revealed that most human rights issues \nare at an acceptable level, and the Company has \nimplemented management measures to mitigate \nrisk impacts. \nNatural disasters triggered by climate change have \nbecome more frequent, prompting all parties in \nThailand and abroad to become more concerned \nabout climate change and its pervasive impacts. \nThe 28th Conference of the Parties to the UN \nFramework Convention on Climate Change (COP \n28) in 2023 emphasized the goal of limiting global \ntemperature increases to 1.5 degrees Celsius and \nrecognized the need to reduce global greenhouse \ngas emissions by 43% by 2030 and 60% by 2035. \nConsequently, Banpu has considered climate change \nrisks and opportunities and identified key risks and \nopportunities, both physical and transition risks, \nfollowing the framework of the Task Force on Climate- \nrelated Financial Disclosures (TCFD) to devise a \nstrategic plan, action plans and mitigation measures \nin response to these risks as follows: \n\u2022 \n Establishing a policy and long-term targets \nfor GHG management since 2010 to increase \nefficiency in energy consumption and to deploy \nclean energy technologies \n3.5 Social and Community Risk \n3.6 Climate Change and Natural Disaster Risks \nRisk Management for \nESG Development \nin the aspects of: \nSocial \nEnvironmental \nGovernance \nRisk Management for \nESG Development \nin the aspects of: \n147 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","\u2022 \n Setting the 2025 target to reduce GHG emission \nintensity by 7% against the BAU level from its \nmining business and 20% against the BAU \nlevel from its power business, both thermal and \nrenewable power businesses. The Company is \ncollecting data to set medium- and long-term \nGHG reduction targets. \n\u2022 \n Closely monitoring rules and regulations for \nGHG emissions and accommodating changing \nbusiness environment, including the Conference \nof the Parties to the United Nations Framework \nConvention on Climate Change, energy policies, \nand GHG reduction requirements in all countries \nwhere the Company has invested \n\u2022 \n Formulating climate strategy and practices \nfocusing on four key areas: mitigation of GHG \nemissions, adaptation to climate change, being \na part of a low-carbon society, and participation \nin the climate change community. The Company \nset out approaches, timelines, and responsible \nunits to achieve the highest efficiency in strategic \nplan implementation. Measures taken to reduce \nGHG emissions are as follows: \n\u0e50 \nSetting up the Climate Change Committee \nto drive and monitor climate-related \nmanagement \n\u0e50 \nConsidering project development costs \nby incorporating carbon prices and \nnatural disaster risks of the projects that \nthe Company is investing in so that the \nmanagement can use the information in \nmaking investment decisions; seeking \ninvestment opportunities in renewables and \nother alternative energy sources to minimize \nGHG emissions and meet the demands of \na low-carbon society in order to achieve its \nGHG emission targets under the Greener & \nSmarter Strategy \n\u2022 \nAssessing climate-related risks, including \nthe risk and likelihood of natural disasters, \nforecasting the impact on the Company\u2019s \nassets and operations to prepare risk \nmanagement measures for potential disaster \nsituations to be submitted to the ESG \nCommittee \n\u2022 \nIncluding disaster risk in its business \ncontinuity plan and testing the business \ncontinuity plan in various scenarios at \ndifferent severity levels, as well as purchasing \nproperty insurance and business interruption \ninsurance to cushion the impact of potential \nincidents \n\u2022 \nSetting up a Task Force on Climate-related \nFinancial Disclosures (TCFD). The Company \ndisclosed its first climate-related information \nbased on the TCFD framework in 2023. \nThe Company also set appropriate short- \nand long-term targets to align with the Paris \nAgreement. \n3.7 Cyber Threat and Personal Data \nProtection Risks \nDigital technology and the Internet of Things (IoT) \nhave become indispensable tools for enhancing \nthe efficiency of contemporary business operations \nand facilitating interorganizational communication, \nonline meetings, cloud storage, and hybrid working. \nNevertheless, these trends also pose potential cyber \nthreats to the Company, leading to data breaches or \nproduction disruptions, which can impact business \ncontinuity, as well as the Company\u2019s credibility, \nbrand image, and reputation. To address these risks, \nthe Company has implemented the following risk \nmitigation measures. \nRisk Management for \nESG Development \nin the aspects of: \nSocial \nGovernance \n148 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)"]
Search
Read the Text Version
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53
- 54
- 55
- 56
- 57
- 58
- 59
- 60
- 61
- 62
- 63
- 64
- 65
- 66
- 67
- 68
- 69
- 70
- 71
- 72
- 73
- 74
- 75
- 76
- 77
- 78
- 79
- 80
- 81
- 82
- 83
- 84
- 85
- 86
- 87
- 88
- 89
- 90
- 91
- 92
- 93
- 94
- 95
- 96
- 97
- 98
- 99
- 100
- 101
- 102
- 103
- 104
- 105
- 106
- 107
- 108
- 109
- 110
- 111
- 112
- 113
- 114
- 115
- 116
- 117
- 118
- 119
- 120
- 121
- 122
- 123
- 124
- 125
- 126
- 127
- 128
- 129
- 130
- 131
- 132
- 133
- 134
- 135
- 136
- 137
- 138
- 139
- 140
- 141
- 142
- 143
- 144
- 145
- 146
- 147
- 148
- 149
- 150
- 151
- 152
- 153
- 154
- 155
- 156
- 157
- 158
- 159
- 160
- 161
- 162
- 163
- 164
- 165
- 166
- 167
- 168
- 169
- 170
- 171
- 172
- 173
- 174
- 175
- 176
- 177
- 178
- 179
- 180
- 181
- 182
- 183
- 184
- 185
- 186
- 187
- 188
- 189
- 190
- 191
- 192
- 193
- 194
- 195
- 196
- 197
- 198
- 199
- 200
- 201
- 202
- 203
- 204
- 205
- 206
- 207
- 208
- 209
- 210
- 211
- 212
- 213
- 214
- 215
- 216
- 217
- 218
- 219
- 220
- 221
- 222
- 223
- 224
- 225
- 226
- 227
- 228
- 229
- 230
- 231
- 232
- 233
- 234
- 235
- 236
- 237
- 238
- 239
- 240
- 241
- 242
- 243
- 244
- 245
- 246
- 247
- 248
- 249
- 250
- 251
- 252
- 253
- 254
- 255
- 256
- 257
- 258
- 259
- 260
- 261
- 262
- 263
- 264
- 265
- 266
- 267
- 268
- 269
- 270
- 271
- 272
- 273
- 274
- 275
- 276
- 277
- 278
- 279
- 280
- 281
- 282
- 283
- 284
- 285
- 286
- 287
- 288
- 289
- 290
- 291
- 292
- 293
- 294
- 295
- 296
- 297
- 298
- 299
- 300
- 301
- 302
- 303
- 304
- 305
- 306
- 307
- 308
- 309
- 310
- 311
- 312
- 313
- 314
- 315
- 316
- 317
