Coaltrade Services International Pte. Ltd. (”Coaltrade”)

Edwin Tsang, Director
Edwin Tsang is currently a Director of Coaltrade and joined the company in October 2006. Prior to this he had 25 years of experience within the coal industry, firstly with China Light and Power as Fuel Supply Engineer in the 1980’s, then with the Sydney based mineral and energy consultancy firm, Barlow Jonker, as a member of the coal consultancy team in the early 1990’s and finally as Managing Director of Total Energy Hong Kong. He holds a Bachelor of Science degree in mechanical engineering from Hong Kong University and an MBA from the Chinese University of Hong Kong.

Coaltrade Services International Pte. Ltd. (”Coaltrade”) - In January 2009, Adaro and Coaltrade entered into a new contract, superceding an earlier one whereby Coaltrade would continue to act as Adaro’s exclusive coal marketing agent for Adaro’s export sales in specific countries and geographic areas. Under this new agreement, Coaltrade receives commissions from Adaro.Adaro’s marketing arrangement with Coaltrade also provides access to international marketing networks and information regarding global and regional trends in coal production, supply, demand and pricing.

In addition to the services provided to Adaro, Coaltrade also trades third party coal and blends it with Adaro’s coal to achieve a higher sales price. Total third party coal sales by Coaltrade in 2009 amounted to 300,000 tonnes. Approximately 3% of Adaro Energy’s EBITDA comes from Coaltrade. The company is now adding more resources for third party coal trading, and it is expected that with the growth in Asia’s steam coal trade, traded tonnages by Coaltrade will increase and add more revenue contribution to the Group in coming years.

Coaltrade Services International Pte. Ltd.	2005	2006	2007	2008	2009
Key Financial Highlight (in US$)
Total Assets	62,272,428	57,221,905	244,427,695	231,541,248	228,265,709
Total Liabilities	35,957,793	32,811,586	226,178,428	185,814,397	175,172,110
Interest Bearing Debt	-	-	200,000,000	157,654,590	144,690,590
Total Equity	26,314,635	24,410,319	18,249,267	45,726,851	53,093,599
Revenue	216,044,104	334,938,661	315,647,939	383,664,769	211,691,085
Operating Statistics
Total Coal Sales (in ‘000 tonnes)	6,441	10,095	9,325	7,957	3,344
● Adaro	6,187	5,617	7,479	6,995	3,000
● Third Parties	254	4,477	1,846	962	344

From Left to Right:
Clement Woon, KO Lee, Edwin Tsang, Zillah Tin,
Rahayu, Wong Yoke Keng, Karen Ong.