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A. Stotz Investment Research

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LANNA (LANNA TB): Doubled Earnings so Far in 2017

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Solid short-term sales momentum, sales on an upcycle trend, and low correlation relative to its sector</li><li>Consolidation in the Chinese coal production sector has reduced total global supply, leading to improved pricing prospects for coal over the longer term; average selling price for LANNA was up by 28% in 2017</li><li>In February, LANNA entered an agreement for one of its Indonesian subsidiaries’ concessions that should effectively reduce the US$1.25 per tonnes service fee by 41% over the next eight years</li><li>LANNA has seen great profitability improvements in 2017, has a solid net-cash position and a track record of consistently high dividend yield</li><li>Risk: Sudden fall in Chinese demand</li></ul><p>* Consensus Estimates</p>

Solid short-term sales momentum, sales on an upcycle trend, and low correlation relative to its sectorConsolidation in the Chinese coal production sector has reduced total global supply, leading to improved pricing prospects for coal over the longer term; average selling price for LANNA was up by 28% in 2017In February, LANNA entered an agreement for one of its Indonesian subsidiaries’ concessions that should effectively reduce the US$1.25 per tonnes service fee by 41% over the next eight yearsLANNA has seen great profitability improvements in 2017, has a solid net-cash position and a track record of consistently high dividend yieldRisk: Sudden fall in Chinese demand* Consensus Estimates

LANNA (LANNA TB): Improving Margins in Indonesia

Lanna Resources

LANNA (LANNA TB): Improving Margins in Indonesia