GUJARAT NRE COKING COAL LTD

Investor Presentation

ASX Code: GNM

May 2012

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Table of Contents

Page

Introduction 3

Company Overview 10

Industry Overview 17

Growth Strategy 23

Financial Overview 27

Appendix 32

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Introduction

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Gujarat NRE Coking Coal Ltd. Overview

Gujarat NRE Coking Coal Ltd. (“Gujarat” or the

“Company”) is an ASX-listed hard coking coal

producer with BSE/NSE-listed Indian parent

~$190 million market cap

FY12 Rev: $191.2 million

FY12 EBITDA: $49.7 million

100%-owner of two underground coking coal

mines in New South Wales Australia

NRE No. 1

NRE Wongawilli

Total JORC reserves of 125 Mt and resources of

651 Mt

The majority of unwashed coal is sold under

contract to the Company’s major shareholder

(Gujarat NRE Coke) at market price on arms’

length terms

Current unwashed coal production of 1.2 Mtpa

projected to increase to ~5.0 Mtpa by 2016

Wollongong

Kiama

Port Kembla

Port Kembla coal

loader 18 Mtpa Sutton

Forest

proposal

Berrima

Dendrobium

W. Tahmoor Appin

Westcliff Northcliff

Southern

Coalfield

NRE No. 1

NRE WONGAWILLI

BHP Illawarra

Coal

Peabody

Metropolitan

Xstrata

Tahmoor

NRE No. 1 and NRE Wongawilli Site Map

(US$ in millions)

4 Note: Management estimates for FY12 ending March 31, 2012 are unaudited

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Highly Experienced Management Team

Established Gujarat NRE Coking Coal Ltd. in 2004; only Indian entity to own and operate coking coal mines in

Australia

Has grown Gujarat NRE Coke to largest independent producer of Met Coke in India

Chartered Accountant with all India 1st rank and gold medal

Arun Kumar Jagatramka

Executive Chairman

28+ Years of Experience

Chris Harvey

Head of Corporate Relations

35+ Years of Experience

Former Mining Engineer and Senior Environmental Officer with the NSW Department of Mineral Resources

Gas Drainage Engineer at West Cliff Colliery

Fellow of the Australasian Institute of Mining & Metallurgy, Fellow of Institution of Engineers Australia, and Member

of the Australian Institute or Management

5

Steven Bow

Operation Manager: NRE

Wongawilli

28+ Years of Experience

Rhys Brett

Operations Manager: NRE No. 1

8+ Years of Experience

8 years underground coal mining with Anglo, Centennial and Xstrata

NSW 1st Class Certificate of Competency for Underground Coal Mines and a diploma on Ventilation Engineering

Formerly held various managerial positions covering technical and operational management with BHP Billiton and

its coal operations in the Illawarra Region

First class mine managers ticket & qualified competent person in reserves analysis

Paul Coxhead

Statutory Manager: NRE

Wongawilli

35+ Years of Experience

Experience as Undermanager & Mine Manager for coal mines in New Zealand, Queensland & New South Wales

1st Class Certificate of Competency for Underground Coal Mines

Phil Wakeford

Statutory Manager: NRE No. 1

33+ Years of Experience

Experience in NSW South Coast, NSW Western District and Central Queensland Collieries

Formerly held many engineering positions as well as senior mine management positions with Oakdale Collieries

Ltd, BHPBIC and NREWW

NSW 1st Class Certificate of Competency for Underground Coal Mines

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Investment Highlights

Premium Quality Mines with

Longwalls in Operation

Expansion into new mine areas more suitable for longwall operation will reduce opex

Close proximity to port facilities with low demurrage, reducing transport costs

Operational Costs Falling as

Production Increases

Favorable Long-Term Market

Dynamics

Experienced Management

and Strong Parent

No. 1 and Wongawilli produce premium quality hard coking coal

Longwall production at both mines, ramping to ~5 Mtpa by 2016 (up 355% vs. 2012)

Demand expected to remain robust given solid steel demand, especially in India

Prices expected to remain stable given long-term demand/supply dynamics

Parent company is largest independent producer of low ash met coke in India

Senior mining staff has significant experience with large miners such as BHP and

Rio

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Valuation by Wood Mackenzie

Wood Mackenzie (“WM”) was retained by the Company to provide a valuation of the

Company’s operations

The resulting estimate of value represents WM’s view, based on publicly available information

WM considered two scenarios, using multiple valuation methodologies including NPV

analysis and comparable recent transactions

Scenario #1: Based on status quo in which NRE No. 1 and NRE Wongawilli are operated within

Gujarat NRE Coke’s vertically integrated model

Scenario #2: Fair market value based on what a bidder, intending to enhance the quality of the

coal for the seaborne market, might be expected to pay for the stand-alone assets

The resulting valuation shows an initial range under base case assumptions(1) of US$938

to US$990 million

7

(US$ in millions)

(US$ in millions) Vertically Integrated Assets Fair Market Value

Base Case $990 $938

(1) In developing the valuation, WM used as inputs its own assumptions for production rates, costs (opex & capex), mine life, discount rate, price and carbon tax impact (refer to

next slide)

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Valuation by Wood Mackenzie (continued)

8

Vertically Integrated Assets Assumptions Fair Market Value Assumptions

NRE No. 1 NRE

Wongawilli

NRE No. 1 NRE

Wongawilli

Discount Rate 10% 10% 10% 10%

Peak Production 2.7 Mtpa 2.7 Mtpa 2.7 Mtpa 2.7 Mtpa

Modeled Production 20 years 10 years 20 years 10 years

Priceline 0.65*HCC 0.55*HCC 1.00*HCC 0.97*HCC

Cost Ex Carbon at Peak

Production (Real US$/t)

63.85 57.66 65.77 59.39

Wash Plant Capex N/A N/A US$71M US$76.4M

Yield N/A N/A 66% 66%

Coking Coal/Thermal Split N/A N/A 90:10 90:10

Carbon Emissions

(tCO2e/tROM)

0.319 0.319 0.319 0.319

Government Assistance 80% of carbon cost above 0.1t/t, capped at 2008/9 levels, for 6 yrs

Wood Mackenzie has used several key assumptions in developing its valuation based on

publicly available information

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Recent Developments

9

Longer Term Mine

Development

Refurbishment of major mine infrastructure was undertaken while older items of

plant were operating, requiring additional time to phase in newer, more productive

equipment

Refurbishment of

Infrastructure

Longwall Change Out

Regulatory Changes

Operation focus at NRE No.1 shifted from small scale pillar extraction to longer term

development, supporting future longwall operations

NRE Wongawilli Mine experienced 2 longwall change outs in the one 12-month

period, reducing the availability of equipment

Changes in state government and approval process created minimum of 9-month

delay in gaining necessary approvals – October 2011 compared to original

expectation of February 2011

The Company has successfully commenced longwall operations at both NRE No. 1 and

Wongawilli

However, to achieve this goal, Management had to adeptly manage unavoidable

transitional and regulatory changes, including:

The Company is now well positioned to capitalize on longwall operations and

significantly increase production capacity and cash flow going forward

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Company Overview

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NRE No.1 Colliery Overview

Located in Southern Coal fields of

NSW

~10km North of Wollongong

~16km from Port Kembla Coal

Terminal

Premium quality hard coking coal

JORC reserves of 92 Mt and

resources of 315 Mt

Targeting Wongawilli Coal

Seam

Upgrading entire mine

infrastructure

Developing future longwall

extraction domains

Longwall installed March/April

2012

Longwall commenced

production in April 2012

Targeting ~3 Mtpa by 2016

Over 30-year potential mine life

Mine Overview NRE No.1

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NRE Wongawilli Colliery Overview

Located in Southern Coal fields of

NSW

~20km southwest of

Wollongong

~14km from Port Kembla

Coal Terminal

Premium quality hard coking coal

JORC reserves of 33 Mt and

resources of 337 Mt

Targeting Wongawilli Coal

Seam

Currently using longwall extraction

from remnant areas

Initiated new access driveage in

support of new longwall panels to

the West & South

Targeting ~2 Mtpa by 2016

Over 30-year potential mine life

Mine Overview NRE Wongawilli

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Coking Coal Quality Comparison

Better

Lower

Similar

Legend

Ash 8.80% 10.40% 9.30% 9.50%

Volatile Matter 23.20% 20.30% 26.70% 22.00%

Sulphur 0.52% 0.55% 0.74% 0.50%

Phosphorus 0.02% 0.01% 0.06% 0.01%

CSN 8.5 8.5 9 9

MMR 1.18% 1.45% 1.16% 1.24%

Fluidity 1,032 ddpm 573 ddpm 9,000 ddpm 4,000 ddpm

NRE – A Hard Coking

Coa l

Coking Coal Quality Comparison

Specifica tions

BHP Goonye lla

Ha rd Coking

Coa l

BHP Peak

Downs Coking

Coa l

Oaky Creek

Hard Coking

Coa l (Xstra ta )

NRE coking coal has superior properties relative to other regional players

13 Source: Typical specifications as per analysis certificate

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Reserves & Resources – NRE No.1 & Wongawilli

The two mines collectively have JORC reserves of ~125 Mt and resources of over 650 Mt

The coal produced at the NRE No. 1 Colliery is world class due to its ultra low

phosphorous level and ideal MMR (1.24) – superior quality for the production of blast

furnace coke content

Resources (Mt) Reserves (Mt)

Seam Measured Indicated Inferred Total Proven Probable Total

Bulli 12.0 31.2 13.3 56.5 3.2 26.2 29.4

Balgownie — 34.1 41.5 75.6 — — —

Wongawilli 13.5 62.2 107.1 182.8 11.7 50.9 62.6

Total 25.5 127.5 161.9 314.9 14.9 77.1 92.0

NRE No.1 Colliery

NRE Wongawilli Colliery

Resources (Mt) Reserves (Mt)

Seam Measured Indicated Inferred Total Proven Probable Total

Bulli — 8.0 28.0 36.0 — 5.4 5.4

Wongawilli 48.0 44.0 106.0 198.0 16.5 11.5 28.0

Tongarra — — 103.0 103.0 — — —

Total 48.0 52 237.0 337.0 16.5 16.9 33.4

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Favorable Proximity To Export Infrastructure

Port Kembla Coal Terminal remains an

unconstrained coal export port

13.8 Mt throughput in FY 2011

Ship loading capacity of 17.5 Mtpa

being increased to 31 Mtpa

Low demurrage charges reduce

transport costs

Unwashed coal from NRE No.1 is

transported via truck haulage to Port

Kembla

Proven ability to transport up to 3

Mtpa

Unwashed coal from Wongawilli is

transported via rail to Port Kembla

Historically up to 2 Mtpa has been

transported using existing

infrastructure

The capital program budgets for an

infrastructure upgrade that will allow

for the transport of >3 Mtpa

Wollongong

Port Kembla

Rail

Road

NRE No. 1

NRE

Wongawilli

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Diverse Customer Base

Gujarat has a diverse global customer base

spanning a variety of industries

Lowers any industry-specific risk

The majority of Gujarat’s unwashed coal is sold

under contract to its Parent (Gujarat NRE

Coke)

Commercial terms are based on market

prices at an arms’ length basis

Gujarat’s Parent converts the coal to coke and

then sells to a broad set of customers

Customers use Gujarat’s the end product in a

variety of industries including:

Steel / Industrial

Cosmetics

Technology

Energy

Automotive

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Selected Customers

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Industry Overview

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EU (27) 22%

Other Europe

2%

CIS 4%

NAFTA 20%

China 17%

Japan 10%

Other Asia 16%

Other 9%

Global Steel Utilization

Global steel production is dependent on coking

coal

~68% of total global steel production

relies directly on coal inputs, driving

demand

China, the largest steel producer in the world,

started ~10 new blast furnaces in the past six

months, lifting output to a record in March 2012

From 2000 to 2010, China surged from

17% of global utilization to 45%

Steel utilization increased 69% worldwide

between 2000 and 2010, with China

increasing over 400%

India, the third-largest steel producer, is set to

boost capacity one-third to more than 100 Mt

The capacity increase is part of a five-year

$1 trillion plan to improve infrastructure

Global Use of Steel 2000

Global Use of Steel 2010

EU (27) 11%

Other Europe

2% CIS 4%

NAFTA 9%

China 45%

Japan 5%

Other Asia 14%

Other 10%

Source: World Coal Association; Custeel.com

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Coking Coal Importers & Exporters

Australia is the world’s largest exporter of coking

coal by a wide margin

Australia represents 60% of global exports

vs. U.S. at 20%

Coking coal prices reached a record last year

after floods disrupted output and shipment from

mines in Australia

Prices have since normalized as supplies

were restored

In terms of imports, Japan represents almost one-

third of the market

China may surpass Japan as the largest

coking coal importer by 2015 with India

close behind

Chinese demand for imported coking coal is

driven by state investment in steel-intensive

infrastructure that will link western China to

demand centers in the east

Top Coking Exporters 2010

Australia 60%

USA 20%

Canada 11%

Russia 5%

Mongolia 4%

Source: World Coal Association; Australian Bureau of Resources and Energy Economics

Top Coking Importers 2010

Japan 31%

China 26%

India 16%

Korea 15%

Brazil 7%

Ukraine 5%

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India’s Rising Demand For Coking Coal

Management expects that Indian consumption of coking coal will continue to increase over time, absorbing

an increasing share of the Company’s production

Coking coal demand in India has been rising steadily since 2008 with forecasts predicting this growth to

continue

India holds large coal reserves, however, reserves of coking coal, especially premium hard coking coal, are

very low which is represented by a fall in production

With very limited domestic production there will be a strong growth in the amount of coking coal imported

37.6 41

45.6

52.8 58.7

65

23 22.7 22.4 22.2 21.9 21.7

-5

5

15

25

35

45

0

10

20

30

40

50

60

70

2008 2009 2010 2011 2012F 2013F

Demand of coking coal Production Import

Import

of cokin

g c

oal

(mill

ion t

ons)

(RH

S)

Source: Coal Industry Annual Review, CRISIL Research, E&Y

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Global Coking Coal World Demand

Reg ion CAGR (2005 - 2020)

Brazil, China, India 8%

Asia (excluding China & India) 2%

Europe 0.20%

World Total approx. 3%

Hard Coking Coa l Demand Growth : 2005 – 2020 CAGR (fo recast)

Million Tons 2008 2009 2010 2011 2012 2015 2020

A: Seaborne Hard Coking 138 139 161 182 191 213 243

B: Seaborne Semi-soft/weak 44 35 48 55 58 65 74

C: Seaborne PCI 36 32 40 47 50 57 69

Sub-Total SS & PCI (B+C) 80 67 88 102 108 122 143

All Met Combined 218 206 249 284 299 335 386

Global Coking Coal Demand

Source: AME; RTCA Analysis

Source: Merlin Trade and Consultancy Ltd

Global demand for coking coal is expected to steadily increase through

2020

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Long-term Price Stability Expected

Prices for coking coal have steadily increased since 2009 and have experienced

recent spikes due to temporary supply disruptions

Management expects long-term coking coal prices to remain close to $225/ton

0

50

100

150

200

250

300

350

Jan/08

Apr/08

Jul/08

Oct/08

Jan/09

Apr/09

Jul/09

Oct/09

Jan/10

Apr/10

Jul/10

Oct/10

Jan/11

Apr/11

Jul/11

Oct/11

Jan/12

Apr/12

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Growth Strategy

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Historical Production and Future Targets

Decreased production in FY12 largely due to regulatory delays

Target production of ~5 Mtpa by 2016, with increase driven by:

Installation of longwall in NRE No. 1 mine & development of the Wongawilli Seam

Upgrade of longwall at Wongawilli mine & development of southern areas of Wongawilli seam

Upgrade of infrastructure at both mines with latent capacity beyond current business plan

With NRE No. 1 longwall in production, significant production increases are underway

Production Forecast

24

0.33 0.44

0.66 0.57 0.45

0.28

0.18 0.56

1.06

0.81

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

FY 07 FY 08 FY 09 FY 10 FY 11 FY 12E

(Mt)

Wongawilli

NRE No1

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Growth Plan – Capex and Opex

Current cash operating costs (pre-Royalty) are

~US $85/t

As longwall production ramps up, operating

costs are expected to fall as follows:

Longwall Production Target

1.0 Mtpa ~US $65/t

1.5 Mtpa ~US $55/t

3.0 Mtpa ~US $39/t

Expansion Capex: ~$500 million

NRE No. 1

Will result in ~3 Mtpa capacity mine

Wonga Mains development well advanced

Tail Gate & Main Gate development

Advanced for LW installation in FY

2011/12

NRE Wongawilli

Will result in ~2 Mtpa capacity mine

Wonga South Portals started

Order for Joy LW upgrade placed

Opex Capex

Gujarat plans to significantly increase production through its expansion Capex

As infrastructure is upgraded further operational savings will follow

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Longwall to Significantly Increase Production

The Company has longwall extraction implemented at

both NRE No. 1 and NRE Wongawilli Mines

Extraction will be ongoing and targeted to

achieve ~5 Mtpa in 2016

Major coal handling infrastructure is being

progressively upgraded to meet production schedule

Port infrastructure is being upgraded to meet growing

demand for port facilities and streamline coal supply

chain

The increased production will also drive considerable

incremental EBITDA over the long-term

Longwall production is expected to provide substantial

cash flow for deleveraging

Based upon internal estimates the Company

expects to decrease its leverage to under 2.0x by

FY 2016

Longwall Delivery

Deleveraging Profile

26

7.6x

3.4x 3.2x

2.3x 1.8x

0.0x

2.0x

4.0x

6.0x

8.0x

2012E 2013E 2014E 2015E 2016E

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Financial Overview

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Ownership & Capital Structure

Key Shareholders

(1) Share price as at April 27, 2012

Share Price(1) $0.18

Shares Outstanding 993.1

Market Cap $184.5

Net Debt $371.9

Enterprise Value $556.4

Capital Structure (3/31/12)

69.6%

18.6%

10.0% 1.8% Corporations

Institutions

Public and Other

Individuals andInsiders

(US$ in millions, except per share data)

28 Note: Management estimates for FY12 ending March 31, 2012 are unaudited

69.6%

30.4% Gujarat NRECoke Limited(Parent)

PublicC a p ita liz a t io n C o u p o n M a tu r ity

C a s h 5 .4$

D e b t:

T e rm B o rro w in g s 3 7 7 .3$ 5 .5 0 % 2 0 1 7

T o ta l D e b t 3 7 7 .3$

T o ta l E q u ity 5 8 2 .0

T o ta l C a p ita liz a t io n 9 5 9 .3$

As o f M a r c h 3 1 , 2 0 1 2

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Historical Financial Summary (US$ in millions)

Revenue

Capex

29

EBITDA

Total Assets

NM

Note: Management estimates for FY12 ending March 31, 2012 are unaudited

$127.8

$235.4

$191.2

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

2010 2011 2012E

$64.7

$49.7

$0.0

$25.0

$50.0

$75.0

$100.0

2010 2011 2012E

$634.3

$937.4

$1,113.6

$0.0

$250.0

$500.0

$750.0

$1,000.0

$1,250.0

2010 2011 2012E

$113.5

$138.4

$262.9

$0.0

$100.0

$200.0

$300.0

2010 2011 2012E

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Credit Statistics

Total Debt / EBITDA Net Debt / EBITDA

EBITDA / Interest Expense Total Assets / Total Debt

30

NM

NM NM

Note: Management estimates for FY12 ending March 31, 2012 are unaudited

4.1x

7.6x

0.0x

2.5x

5.0x

7.5x

10.0x

2010 2011 2012E

3.8x

2.6x

0.0x

2.0x

4.0x

2010 2011 2012E

4.3x

3.6x

3.0x

0.0x

2.0x

4.0x

6.0x

2010 2011 2012E

2.9x

7.5x

0.0x

2.5x

5.0x

7.5x

10.0x

2010 2011 2012E

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Summary

Premium Quality Mines with Longwall Plans in Process

Low Cost Manufacturer of Low Ash Metallurgical Coke

Operational Costs Falling as Production Increases

Premium Quality Mines with Longwalls in Operation

Favorable Long-Term Market Dynamics

Experienced Management and Strong Parent

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Appendix

Appendix For

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Overview of Gujarat NRE Coke LTD (Parent)

Overview

Largest independent producer of metallurgical coke in

India

Indirectly holds ~69% of Gujarat’s ordinary shares

outstanding

Listed on the Bombay and National Stock exchanges,

with a market capitalization of ~$220 million

Approximately 160,000 shareholders

14 dividends paid in the past 9 years, continuous profit

history for the last 15 years, and a credit rating of AA-

for long-term borrowing and PR-1+ for short-term

borrowing

Comparative Size

Rated one of the top 10 companies by profit

performance (Business Today)

Only Indian company to export low ash metallurgical

coke from India to Argentina, Brazil, South Africa and

Europe

Resource

Met coke capacity 1.25 Mt, with the view of increasing

to 4 Mt by 2014/15

33

1

2

3

KANDLA

PORT

GOA PORT

NEW

MANGALORE

PORT

4

5

KRISHNA

PATNAM

PORT

6

1

Plant at Bhachau, Gujarat

2

Plant at Khambalia, Gujarat

3

Plant at Dharwad, Karnataka

4

Proposed Plant, Nayudupeta,

Andhra Pradesh

5

Registered Office, Kolkata

6

Corporate Office, Ahmedabad

1

Plant at Bhachau, Gujarat

2

Plant at Khambalia, Gujarat

3

Plant at Dharwad, Karnataka

4

Proposed Plant, Nayudupeta,

Andhra Pradesh

5

Registered Office, Kolkata

6

Corporate Office, Ahmedabad

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Disclaimer & Important Notice FORWARD LOOKING STATEMENTS AND OTHER MATTERS

UNLESS OTHERWISE NOTED, THE FORECASTED INDUSTRY AND MARKET DATA CONTAINED IN THE ASSUMPTIONS FOR THE PROJECTIONS ARE

BASED UPON MANAGEMENT ESTIMATES AND INDUSTRY AND MARKET PUBLICATIONS AND SURVEYS. THE INFORMATION FROM INDUSTRY AND

MARKET PUBLICATIONS HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE, BUT THERE CAN BE NO ASSURANCE AS TO THE

ACCURACY OR COMPLETENESS OF THE INCLUDED INFORMATION. GUJARAT NATURAL RESOURCES ENVIRONMENT (“GNM”) HAS NOT

INDEPENDENTLY VERIFIED ANY OF THE DATA FROM THIRD-PARTY SOURCES, NOR HAS GNM ASCERTAINED THE UNDERLYING ECONOMIC

ASSUMPTIONS RELIED UPON THEREIN.

THE INFORMATION AND OPINIONS SUPPLIED BY WOOD MACKENZIE (AUSTRALIA) PTY LIMITED, DOES NOT INCLUDE, NOR SHALL BE CONSTRUED

AS INCLUDING, ADVICE, GUIDANCE OR RECOMMENDATIONS FROM WOOD MACKENZIE TO TAKE, OR NOT TO TAKE, ANY ACTIONS OR DECISIONS IN

RELATION TO ANY MATTER, INCLUDING WITHOUT LIMITATION RELATING TO INVESTMENTS OR THE PURCHASE OR SALE OF ANY SECURITIES,

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THE PRESENTATION CONTAINS FORWARD LOOKING STATEMENTS WHICH INVOLVE RISKS AND UNCERTAINTIES AND ACTUAL RESULTS AND

DEVELOPMENTS MAY DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED HEREIN DEPENDING ON A VARIETY OF FACTORS. NO

RESPONSIBILITY IS TAKEN OR ACCEPTED BY GNM AND/OR ANY OF ITS PARENTS, SUBSIDIARIES, AFFILIATES AND THEIR RESPECTIVE OFFICERS,

DIRECTORS, EMPLOYEES, AGENTS AND ASSIGNS FOR THE ADEQUACY, COMPLETENESS OR ACCURACY OF THE PRESENTATION OR THE

ASSUMPTIONS ON WHICH IT IS BASED AND ALL LIABILITY IS HEREBY EXPRESSLY EXCLUDED AND DENIED. ANYONE USING THE PRESENTATION

DOES SO AT THEIR OWN RISK AND NO RESPONSIBILITY IS ACCEPTED FOR ANY LOSSES WHICH MAY RESULT FROM SUCH USE DIRECTLY OR

INDIRECTLY. RECIPIENTS SHOULD CARRY OUT THEIR OWN DUE DILIGENCE IN CONNECTION WITH THE ASSUMPTIONS CONTAINED HEREIN.

EBITDA AND ADJUSTED EBITDA AS USED IN THIS PRESENTATION AND DEFINED IN THE OFFERING MEMORANDUM FOR THIS OFFERING ARE NOT

FINANCIAL MEASURES CALCULATED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (“GAAP”). FOR A RECONCILIATION

OF THESE MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES, PLEASE REFER TO THE OFFERING MEMORANDUM FOR THIS

OFFERING.

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Competent Person Statement

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Competent Person Statement

The information in this Presentation that relates to Exploration Results, Mineral Resources or Ore Reserves

is based on information compiled by, in relation to the Coal Resources for both NRE Wongawilli Colliery and

NRE No. 1 Mine, by Mr Barry Clark an employee of Gujarat NRE Coking Coal Ltd, and in relation to the

Coal Reserves for both NRE Wongawilli Colliery and NRE No. 1 Mine, by Mr Kris Markowski, also an

employee of Gujarat NRE Coking Coal Ltd.

Mr Clark is a Member/Fellow of The Australasian Institute of Mining and Metallurgy or the Australian

Institute of Geoscientists. Mr Clark has sufficient experience which is relevant to the style of mineralisation

and type of deposit under consideration and to the activity which he is undertaking to qualify as a

Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration

Results, Mineral Resources and Ore Reserves’. Mr Clark consents to the inclusion in the Presentation of

the matters based on his information in the form and context in which it appears.

Mr Markowski is a Member/Fellow of The Australasian Institute of Mining and Metallurgy or the Australian

Institute of Geoscientists. Mr Markowski has sufficient experience which is relevant to the style of

mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify

as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves’. Mr Markowksi consents to the inclusion in the

Presentation of the matters based on his information in the form and context in which it appears.

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