Gujarat NRE Coking Coal (ASX: GNM)

Arun Kumar Jagatramka

Chairman, Gujarat NRE Coking Coal Ltd

-Mega growth plans of the Indian Steel Industry

-The coking coal supply crunch

-Gujarat NRE Story in Australia

2

This presentation contains only a brief overview of Gujarat NRE Coking Coal Limited and its associated entities (“Gujarat") and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Gujarat’s projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains a number of forward-looking statements. Known and unknown risks and uncertainties,and factors outside of Gujarat’s control, may cause the actual results, performance and achievements of Gujarat to differ materially from those expressed or implied in this presentation.

To the maximum extent permitted by law, Gujarat does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Gujarat, and will not be responsible for any loss or damage arising from the use of the information.

The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment t decision in regard to Gujarat or its activities.

COMPETENT PERSON STATEMENT

The information in this report that relates to Mineral Resources and Reserves is based on information compiled by Mr. Kris Markowski who is a member of the Australian Institute of Mining and Metallurgy.

Mr. Markowski is employed by Gujarat NRE Coking Coal Limited.

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 Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and ore Resources’. Mr. Markowski consents to the inclusion in the report of thematters based on his information in the form and context in which it appears.”

DISCLAIMER

Take a hard look

At good old coal

Had Coal Not been there …

Forests would

have been

denuded years

ago, as energy

hunger would

have forced

man to burn

trees ….

The industrial

revolution that

transformed

the planet

would not

have taken

place

Civilisation as

we know it

today, would

not have

marched on in

the pace that

we have

seen…

The power to

transform

societies, the

power to

transform

economies, the

power to control

destinies, the

power to hold

progress by its

horns would not

have been

witnessed

The United

States, the

United

Kingdom,

Germany,

Japan and

Australia would

not have

marched on the

path of

prosperity..

China and India would have

remained sleeping dragons

and crouching tigers

Mankind would have

remained in the

quagmire of lost

opportunities

."with coal, we have light , strength, power, wealth and civilisation, without coal we have darkness,

weakness, poverty and barbarism."

Global Climate Change is a truth

that we all must face but we need

to ensure that facts and figures are

not used to forcefully slaughter the

human civilization in a fashion

similar to the Y2K scare at the

beginning of this millenium which

turned out to be one of the biggest

hoax calls in the modern era.

What Mankind must do :

Cut CO2 emissions by 50 % by the year 2050.

Share Clean technologies with the 3rd world freely

No Greenmail. No Eco Pornography.

No sham.

A global initiative

by the

brotherhood of man.

At Gujarat NRE

We are already doing our bit as a socially conscious corporate citizen.

Not because we were compelled but from an inner urge to be

the most energy efficient,

nature friendly entity.

Our Windmills

Generate clean, green energy

87.5 MWs

(we even earn carbon credits

while doing this)

Our Coke Oven batteries

Use the waste heat to generate more power

thus, earning Carbon Credits using Coking Coal

Our Coke Ovens are emission free

Our Establishments Have green belts around

them so that the fragile eco systems we

operate in are well maintained

We practice rain

water harvesting

so that water

levels are

maintained and

refurbished

The threat to the environment

Is from thermal coal and petroleum

derivatives

Burning of which causes carbon

emissions

As in

Thermal power plants

Transportation

We do neitherOn the contrary, we deal

in the greenest variety

of coal –

COKING COAL

It is the diet version and

earns carbon credit by

generating power while

being converted to

COKE

What is the India Story?

1) Rising GDP growth

% average annual GDP growth

1900 – 1950 1.0 1950 – 1980 3.51980 – 2002 6.0 2002 – 2006 8.0

Sources: 1900-1990: Angus Maddison (1995), Monitoring the World Economy, 1990-2000:Census of India (2001), 2000-2005 Finance Ministry

2) Population growth is slowing % average annual

growth

1901 – 1950 1.01951 – 1980 2.21981 – 1990 2.11991 – 2000 1.82001 – 2010 1.5

Sources: 1900-1990: Angus Maddison (1995), Monitoring the World Economy, 1990-2000:Census of India (2001)

0

0.5

1

1.5

2

2.5

1901 - 1950 1951 - 1980 1981 - 1990 1991 - 2000 2001 - 2010

% g

row

th

Year

% Gowth in Population

0

2

4

6

8

10

1900 - 1950 1950 - 1980 1980 - 2002 2002 - 2006

% g

row

th

Year

% Growth in GDP

%1950 17 1990 522000 652010 (proj) 80

Source: Census of India (2001)

3. Literacy is rising

4. Middle class is exploding % Million

People

1980 8 65

2000 22 220

2010 (proj) 32 368

Source: The Consuming Class, National Council of Applied Economic Research, 2002

0

20

40

60

80

100

1950 1990 2000 2010

% R

ise

Year

% Rise in Literacy

0

5

10

15

20

25

30

35

1980 2000 2010 (proj)

%G

row

th

Year

% Growth in Middle Class

1980 46% 2000 26%2010 (proj) 16%

1% of the people have been crossing poverty line each year for 20 years. Equals ~ 200 million.

5. Poverty is declining

6. Productivity is rising

30% to 40% of GDP growth is due to rising productivity

0

10

20

30

40

50

1980 2000 2010 (proj)

% g

row

th

Year

% Growth in poverty

(US$ ppp)

1980 1178

2000 3051

7. Per capita income gains

8. India is now a global economy

And it will cross Japan between 2012 and 2014 to become the 3rd largest

0

500

1000

1500

2000

2500

3000

3500

1980 2000

US

$ P

PP

Year

% Growth in US$ PPP

Economic Indicators

Economic Slowdown much flatter compared to other countries.

Expectation of 7% growth in current year

GDP growth rate comparison

-6

-4

-2

0

2

4

6

8

10

12

14

2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 (proj)

GD

P G

row

th in

%

India

China

USA

Domestic led

• Low Impact of global downturns

• Less volatility

The Biggest strength of Indian Model is……

Drivers of the India Model

% MillionPeople

1980 8 65

2000 22 220

2010 (proj) 32 368

Source: The Consuming Class, National Council of Applied Economic Research, 2002

0

5

10

15

20

25

30

35

1980 2000 2010 (proj)

%G

row

th

Year

% Growth in Middle Class

Consumption led

• People friendly: Consumption as % of GDP

India 64Europe 58China 42

• Middle Class is Exploding

India’s success is market led.The entrepreneur is at centre of the Indian model

And a Vibrant Private Space

Over 125 Indian Companies have market cap

of US$ 1 billion

Over 1000 Indian Companies have received FII

Over 125 Fortune 500 companies have R&D

bases in India

Over 300 Fortune 500 companies have

outsourced software development to India

4.4% bad loans in Indian banks (vs ~ over 15%

in China)

What adds up to this confidence…

• Even slow reforms add up

- state getting out of the way

• A Population Young at Age

• Liberated Young Minds

• Competitive advantage in the

knowledge economy

The next few decades would be the India story

We are the protagonists - unfolding this play

Over the next 11 years• India will continue to add to her steel

making capacities

• Japan will be overtaken within 2015-16

• Even the most conservative estimates

aim at a whooping 3 fold increase from

current levels

• India’s growth is demand led as opposed

to export fed

• The growth will be much stable and less

susceptible to external conditions…

Per capita consumption of steel

• India 2001 – 26.8 kg

• India 2008 – 50.4 kg

• Germany – 464.4 kg

• USA – 353.9 kg

• China – 307.3 kg

• Brazil – 114.6 kg

• World average – 194.2 kg

India drags the current World average down from 230 to 194 kg

The New Era of steel making dawned in 1947

India had three units

Two of them in the Private Sector (TISCO & IISCO)

Total Capacity 1 million tons

China too had almost similar capacities …

(one million ton in 1949)

It took China 47 years

to commission its first 100 million tons of steel capacity

5 years to commission the next 100 million tons

And

A mere two years to score its triple hundred.

The rest is history!

Steel Development Pattern

• India’s long term steel development pattern is similar to most countries, following the same pattern of more than a century old

China has already reached its peak in growth rate, while India

is on the rise…..

Indian Steel Expansion in Pipeline

Company Existing Total capacity in 2011-12 Total capacity in 2019-2020

SAIL 12.8 20.7 60

RINL 2.9 6.8 10

TISCO 5 16.5 33.5

ESSAR 4.6 8 20.5

JSW 4.1 11 31

JSPL 2.4 10.5 26.5

ISPAT 3 5 17

POSCO - 6 12

Arcelor-Mittal - 5 24

Bhushan Power 1.2 4 7

Bhushan steel 0.6 6 9

Others 22 28.5 42.4

Total 58.6 128 292.9

Year 2020

300 million tons of steel

The world’s who’s who of steel making are waiting :

• Arcelor Mittal, the world's largest steelmaker, plans to set up two greenfield steel projects in India each with a capacity of 12 million tonne per annum (mtpa).

• Acerinox SA, the world's second-biggest stainless steelmaker, is joining hands with Japan's Nisshin Steel to build a steel plant in India.

• Tata Steel, the world's fifth largest steel maker, plans to double its capacity by 2015, by adding another 35 mt capacity.

• India's largest steel manufacturer SAIL is planning to increase its annual production of 12 mtpa to 24.98 mtpa by 2011-12.

• Sinosteel Corp, China's second- biggest iron ore trader, plans to invest US$ 4 billion to build a 5 mt greenfield steel plant

• Posco is already in Orissa.

Factors of Production• There is a global shift of steel making facilities

to its natural habitat – and India has it all :

• A legacy of steel making

• Abundant raw materials including Iron Ore

• Low cost economy with quality manpower

• Democratic framework with entrepreneurial

abilities

• Internally generated funds – thriving stock

market

• Economy on the growth multiplier

• Opportunity in low per capita consumption

Ports

Vessels

Material handling facilities

Roads

Railways

Road – rail linkages

Ancillaries

Trained manpower,

including skilled labour

All resources can be mobilised in the medium term

Only villain in this love story

• Is good quality coking coal

• Even at 100 mt, India will need about 70

mt of hard coking coal

• China cannot and will not feed this

demand

• Sources like Mozambique are untenable

• Other countries in Europe and America

are neither cost effective nor viable

logistically

Potential sources :

Established : AustraliaCanadaUSAChina

Emerging : MozambiqueIndonesiaSouth African Nations

But

Except Australia

Need to consider

*ash content,

*Coking Properties,

*land locked mines,

*transport bottle necks,

*freight costs,

*law & order problems

Mainly in the prospecting license stage

Reserves have to identified and established

Huge investment in infrastructure required

Before mining can actually commence

Mozambique, Botswana, other African sources

Note as opposed to a steel plant being set up in 2-4 years time, setting up a mine will require 6 – 8 years which

means, 10 years to get the coal flow)

Coal Criticality

Secure sourcesLong term contractsAcquisition of mines

Immediate requirement :

That leaves us, Mates!Australia Has all the coking coal that INDIA Needs

- Huge potentials- Short term

Bottlenecksnotwithstanding

AUSTRALIA

Source: 2008 NSW Coal Industry Profile by NSW Department of Primary Industries

54

NSW coal exports (in ‘000 tonnes)

Source: 2008 NSW Coal Industry Profile by NSW Department of Primary Industries

55

NSW Hard Coking Coal Exports (2006/07)

56

Handful of mines in Southern Coalfield

NRE No.1

NRE Wongawilli

Peabody Metropolitan

BHP Illawarra Coal

Xstrata Tahmoor

Source: 2008 NSW Coal Industry Profile by NSW Department of Primary Industries

Listed on ASX (Code: GNM) on 10 July 2007

Current market cap of >$600 million

Two producing hard coking coal mines (NRE No.1 and NRE Wongawilli)

Over 570 million tonnes of JORC resources

Strong and well experienced management team

Currently employing over 450 people

$300 million invested with plans to invest further $500 million

Target production – 2.4 million tonnes in next 12 months;

6 million tonnes in next few years

Longwall mining at NRE Wongawilli commenced Aug’09

Mines located at close proximity (within 20 Kms) of Port Kembla

Access to key infrastructures (road and railway)

Strong links (via parent company) with Indian and international market

57

Gujarat NRE Coking Coal Limited

58

GNM’s Two Mines, NRE 1 and Wongawilli are to be developed to deliver production

growth, cost reduction and operational excellence

» Based on in-house studies completed at a level equivalent to a pre-feasibility study

» At 6Mtpa operating costs are estimated to be ~$39.0/t FOB Port Kembla Coal Terminal

GROWTH PLAN – PRODUCTION FOCUS

Wongawilli Longwall Introduced

NRE 1 Longwall Introduction

Wongawilli Longwall Upgrade

CAGR: 36.7%

59

NRE NO.1 COLLIERY

Resources (Mt) Reserves (Mt)

Potential

Reserves

(Mt)*

As per mine

plan (Mt)**

Seam Measured Indicated Inferred Total Proven Probable Total TotalBulli 12.4 31.7 15.1 59.2 1.8 0.2 2.0 — 2.0

Balgownie — 34.1 41.5 75.6 — — — — —

Wongawilli — 59.3 121.5 180.8 — 16.5 16.5 28.0 44.5

Total 12.4 125.1 178.1 315.6 1.8 16.7 18.5 28.0 46.5

Reserves & Resources

*Potential reserve of 28.04 million is additional to 18.5 million JORC reserves and based on mine plans drawn-up from inferred resources. Hence is not a part

of JORC reserves.

**Total of Reserves and Potential Reserves.

A$m

Mine development 70

Plant & equipment 210

Others 20

Total 300

Future capital expenditure plan (FY10-13)

60

NRE WONGAWILLI COLLIERY

Resources (Mt) Reserves (Mt)

Potential

Reserves

(Mt)*

As per

mine plan

(Mt)**

Seam Measured Indicated Inferred Total Proven Probable Total Total

Bulli — 8 25 33 — — — — —

Wongawilli 21 16 114 151 2.7 5.1 7.8 23.0 30.8

Tongarra — — 74 74 — — — — —

Total 21 24 213 258 2.7 5.1 7.8 23.0 30.8

Reserves & Resources

*Potential reserve of 28.04 million is additional to 18.5 million JORC reserves and based on mine plans drawn-up from inferred resources. Hence is not

a part of JORC reserves.

**Total of Reserves and Potential Reserves.

A$m

Mine development 40

Plant & equipment 110

Others 50

Total 200

Future capital expenditure plan (FY10-13)

61

COAL QUALITY

Typical washed coal quality

Note:

1 Based on Bowen Basin coal quality estimates

2 Based on inherent moisture content of Peak Downs coal

Source: Australian Coal Association, Company reports, Broker reports

Bulli Wongawilli

Average range for

coking coal1

Ash (%) 9.6 10.0 7.0 – 10.5

CSN (swell index)

5.5 >9.0 6.0 – 9.0

Inherent Moisture (%)

0.8 0.9 1.02

Volatile Matter (%)

21.7 24.7 17.5 – 34.0

Rank (Ro Max) 1.3 1.2 0.95 – 1.70

Fluidity (ddpm) 1,800 3,000 100 – 20,000

Sulphur (%) 0.38 0.59 0.375 – 0.750

Phosphorous (%) 0.039 0.010 0.005 – 0.080

Gujarat hard coking

coal compares well

against Bowen Basin

prime hard coking coal

on almost all quality

parameters

62

MAJOR SHAREHOLDERS

76%

13%

11%

Gujarat NRE Coke Ltd. & Associates

Financial Institutions & Nominees

Others

GNM Outperforms All Ordinaries (ASX)

(from 30 cents to 66 cents in 12 mths)

2009 2010

MANAGEMENT STRUCTURE

Board of Directors

Management Committee

Arun Kumar Jagatramka

S Murari

P R Kannan

Sanjay Loyalka

Head of Operations

Steven Bow

Opeations

Manager NRE

Wongawilli

Head of

Technical

Services

Group

Engineering

Manager

Chief Financial

Officer

HR

Manager

Company

Secretary/IT

Manager

Operations

Manager NRE

No.1

Phil Wakeford Dr. Chris

Harvey

Steven Coffee Naveen Kumar

Nanda

Stefanie

White

Sanjay

Sharma

Rhys Brett

65

STRONG MANAGEMENT TEAM

insert

Senior Management Team

Steven BowHead of OperationsBE(Hons), MEngSc

28 Years Underground Coal experience in coal operations and management with BHP Billiton and its coal operations in the Illawarra Region

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

Chris HarveyHead of Tech. ServicesPhD Mining Engineering

35 years coal industry experience Former Mining Engineer and Senior Environmental Officer with the NSW

Department of Mineral Resources

Steve CoffeeGroup Engineering Manager

28 years Underground Coal experience at operations in the southern and western coal fields of NSW mainly with BHP Billiton

Mechanical Engineers Certificate of Competency

Phil WakefordOperations ManagerNRE Wongawilli Colliery

33 years Underground Coal experience having worked in NSW South Coast, NSW Western District and Central Queensland Collieries with Oakdale Collieries Ltd, BHPBIC and NREWW

Mine Managers Certificate of Competency

Rhys BrettOperations ManagerNRE No. 1 Colliery B. Eng

(mining) honours .

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

Naveen Kumar NandaChief Financial Officer

16 years of extensive experience at senior level positions in reputed Indian companies and CA Firms, Sydney based CPA firm providing Auditing, Taxation & Corporate Consultancy.

Fellow Chartered Accountant from India and CPA from Australia.

BOARD OF DIRECTORS

Arun Kumar Jagatramka

Chairman

B.Com (Hons), FCA, AIMM

25 years of professional and management experience

All India 1st rank gold medalist Chartered Accountant

Director of Pike River, Port Kembla Coal Terminal, NSW Mineral

Council and Australian Coal Research Association

Appointed as an honorary NSW Sydney Ambassador to India

Mrs. Mona Jagatramka

Non-Executive Director

10 years of experience in management and administration

Active in the management & human resources for Gujarat NRE

Group

Also on the board of Gujarat NRE Coke Limited

Andrew FirekDirector

M.Sc, Ph D, FAusIMM, FAIE

25 years experience in mining, mineral processing, construction,

commissioning and operations of coal, base and precious metals

plants in Europe, Africa and Australia

Former Group Leader at the CSIRO, Division of Fossil Fuels in

Sydney and was engaged in developing technologies to produce

liquid fuels from coal

BOARD OF DIRECTORS (contd..)

Maurice AnghieDirector & Chairman of Audit Committee

BBus, FCA, FCPA, MAICD

Experienced financially qualified Professional with

commercial skills and legal/regulatory and governance

expertise

Audit partner in chartered accounting firms for over 20 years

Don CarrollDirector

B. Mining Engineering

Over 30 years experience in the international resources

business primarily in marketing & development of minerals

,merger & acquisitions.

Senior executive positions with BHP Billiton including Vice

President Investor Relations Australia, General Manager

Marketing Asia, President BHP Billiton Japan, President BHP

Billiton India.

Long standing member of Australian Institute of Mining &

Metallurgy, Australian Institute of Company Directors

68

A brief on the Indian Parent

GUJARAT NRE COKE LIMITED

69

A SNAPSHOT

Largest independent producer of Metallurgical Coke in India

Listed on the Bombay and National Stock Exchanges, with a market

capitalisation of around USD 1 billion (No. of shareholders 1,60,000)

Profit earning and dividend paying company with strong financials and credit

rating of AA- for long term borrowing and PR1 for short term borrowing.

Met Coke capacity 1.25 million tons, being increased to 4 million tons by

2014/15 with setting up of green field/brown field plants in Gujarat,

Karnataka and Andhra Pradesh.

The only Indian company to have acquired captive coking coal mines

outside India.

The only Indian Company to have exported LAMC from India (to Argentina,

Brazil, South Africa & Europe).

A SNAPSHOT (contd...)

Strong focus on the Environment with ISO 14001:2004 & OHSAS18001:1999 certification

Acquiring six new dry bulk carriers on long term time charters with anoption to buy.

.

Received several awards as Super performer, Highest wealth creator,identified as 3rd Best Performing Mid sized company by Business World ,environment & safety by various media houses

Rated one of the top 10 company by 10-years profit performance in thelatest edition issued by Business Today on India’s Most ValuableCompanies

Identified as the 4th best stock of the decade (CAGR wise) in the latestedition of Times of India, others being Unitech, Aban Offshore, Sesa Goaetc.

71

GNCL OPERATIONS…

HARD COKING COAL

(NSW, AUSTRALIA)RESOURCES 574 MMT

LOW ASH

METALLURGICAL COKE

1.25 MMTPA

Gujarat NRE Coking Coal

(ASX: GNM)

NRE NO. 1 – 316 million tonnes

NRE Wongawilli – 258 million tonnes

STEEL UNIT

TMT BARS : 0.311 MMTPA BHACHAU UNIT0.324 MILLION MTPA

KHAMBALIA UNIT0.358 MILLION MTPA

(Leased)

DHARWAD UNIT0. 324 MILLION MTPA

Waste Heat Recovery

Power Plants

Khambhalia* 15 MW

Bhachau* 15 MW

Dharwad* 30 MW

Total 60 MW

Wind Power 87.5 MW

In Australia In India

Coal Washeries

Khambalia 0.75

Bhachau 0.75

Dharwad * 0.90

* Under implementation

DHARWAD UNIT0.25 MILLION MTPA

BOARD OF DIRECTORS

Mr. Girdharilal Jagatramka

Chairman Emeritus

The main promoter of GNCL. Has more than five decades of business

experience

Arun Kumar Jagatramka

Chairman & Managing Director

25 years of professional and management experience

All India 1st rank gold medalist Chartered Accountant

Director of Pike River, Port Kembla Coal Terminal, NSW Mineral Council

and Australian Coal Research Association

Appointed as an honorary NSW Sydney Ambassador to India

Mrs. Mona Jagatramka

Non-Executive Director

10 years of experience in management and administration

Active in the management & human resources for Gujarat NRE Group

Also on the board of Gujarat NRE Minerals Limited

Mr. Rajendra Prasad Jain

Executive Director

More than 32 years of experience in the field of Organisational

Management, Business Planning, Operational and Commercial

Functions in reputed Industrial Houses of India.

BOARD OF DIRECTORS (contd..)

Dr. Mahendra Kumar Loyalka

Non-Executive Director

Leading medical practioner

Past District Governor of Lions Club International

Mr. Chinubhai R Shah

Non-Executive Director

Former President of ICSI

At present on the Board of Nirma Ltd., Adani Power Ltd., Cadila

Pharmaceuticals Ltd., Apollo Hospitals International Ltd., Gujarat State

Electricity Corpn. Ltd., etc.

Also the Chairman of India Renal Foundation.

Dr. Basudeb Sen

Non-Executive Director

Former CMD of IIBI

Former Executive Director of UTI Mutual Fund.

Holds directorship of various reputed Listed Companies viz. ITC Ltd.,

South Asian Petrochem Ltd., etc.

Mr. Murari Sananguly

Non-Executive Director

Former CMD of Kudermukh Iron Ore Company Ltd.

Presently on the Board of Coal India Ltd.

Mr. Subodh Kumar Agrawal

Non-Executive Director

Eminent Chartered Accountant

Presently Member of Central Council of ICAI.

74

Sl.

No.

Particulars % of

Holding

1 Jagatramka Family 44.71

2 Mutual Funds & FIIs 32.55

3 Indian Public (160,000) 22.74

Total 100.00

Listed on BSE & NSE

Ticker Code: GUJNRECOKE BSE: 512579 & NSE: INE110D01013

Face Value : Rs. 10 per share

Market Capitalization: Approx USD 1 Billion

SHAREHOLDING PATTERN

33%

23%

44%

Promoters

MFs & FIIs

Public

75

0

200

400

600

800

1000

1200

1400

1600

Year Ended

31.03.2006

Year Ended

31.03.2007

Year Ended

31.03.2008

Year Ended

31.03.2009

Rs

. In

Cro

res

Turnover EBITA

PERFORMANCE OF LAST 4 FINANCIAL YEARS

76

PHENOMENAL INVESTOR RETURNS

Sl. No. Name Returns (Rs.)*

1 Unitech Ltd. 240

2 Aban Offshore Ltd. 167

3 Era Infra Engineering Ltd. 152

4 Sesa Goa Ltd. 134

5 Gujarat NRE Coke Ltd. 106

* If a person would have invested Rs. 1 in this stock on January 3, 2000, his value of

investment on December 23, 2009 would be Rs.106

Source: Economic Times

Amongst top 5 stock performance over last decade in India

77

LONG TERM NRE SHARE PRICE COMPARED WITH NIFTY

(ADJUSTED FOR BONUS ISSUES)

0.00

200.00

400.00

600.00

800.00

1,000.00

1,200.00

1,400.00

2-Jan-06 22-Nov-07 25-Mar-08 29-Dec-09 5-Jan-10

GNCL(LHS) Nifty (RHS)

NRE has outperformed the NIFTY by 58% in last 3 years (02.01.06 to 05.01.10)

78

BONUS HISTORY

Financial Year Bonus Ratio Record Date Allotment

1995/96 11:10 26 Nov 1996 23 Dec 1996

2001/02 1:2 30 May 2003 16 Jun 2003

2002/03 1:2 21 Apr 2004 30 Apr 2004

2003/04 1:1 10 Feb 2005 12 Feb 2005

2004/06 1:1 30 Sep 2006 18 Oct 2006

2007/08 2:5 20 Oct 2008 31 Oct 2008

GROWTH PLAN – METCOKE PRODUCTION FOCUS

0.13 0.240.50

0.68 0.68 0.68

1.061.25

2.25

4.00

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

20

01

-02

20

02

-03

20

03

-04

20

04

-06

20

06

-07

20

07

-08

20

08

-09

20

09

-10

20

11

-12

20

14

-15

PRODUCTION CAPACITY (MMTPA)

Bottom Line

• Indian prosperity is on auto pilot

• Can’t do without government. But governance reform

will take time, till middle class is dominant.

• Human capital will continue to flower based on private

initiative, and drive the nation

India has law, China has order

-India got democracy before capitalism

and this has made all the difference

-It will be slower than China but its path

will be surer

-India more likely to preserve its way of

life

What now?

If you are still not in India,

Call + 91 79 329 31002

(my office will provide you with all travel assistance)