Investor Presentation

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GUJARAT NRE MINERALS LIMITED

November 2009November 2009For

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DISCLAIMERDISCLAIMERThis presentation contains only a brief overview of Gujarat NRE Minerals 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 presentationand 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.

T th i t t itt d b l G j t d t t th l t f th i f ti 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 theuse 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 Current and potential investors and shareholders should seek independent advice before making any investment t decision in regard to Gujarat or its activities.

“The information in this report that relates to Mineral Resources and Reserves is based on information compiled by Mr. Kris M k ki h i b f th A t li I tit t f Mi i d M t ll

COMPETENT PERSON STATEMENT

Markowski who is a member of the Australian Institute of Mining and Metallurgy.

Mr. Markowski is employed by Gujarat NRE Minerals 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 R ti f E l ti R lt Mi l R d R ’ M M k ki t t th i l i i th t f th

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Reporting of Exploration Results, Mineral Resources and ore Resources’. Mr. Markowski consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.”

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AGENDAAGENDA1. GUJARAT OVERVIEW

2. BOARD AND MANAGEMENT TEAM

3. ASSET OVERVIEW

4. GROWTH PLAN

5. REY RESOURCES TAKEOVER UPDATE

6. DEMAND OUTLOOK

7. OFFTAKE PARTNER - GUJARAT COKE

8. INVESTMENT SUMMARY

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GUJARAT OVERVIEW

Peabody

ASX listed hard coking coal producer » Market capitalisation of ~A$530 million

100% f t d d i i NSW A t li

W. Tahmoor

Appin

Westcliff Northcliff

BHP Illawarra Coal

Metropolitan

Xstrata Tahmoor

100% owner of two underground mines in NSW, Australia» NRE No. 1» NRE Wongawilli

JORC resources of 573 6Mt

Wollongong

Port Kembla

Port Kembla coal loader 18

Dendrobium

Southern

NRE No. 1

NRE WONGAWILLI

JORC resources of 573.6Mt

All ROM coal sold under contract to major shareholder for captive use (Gujarat Coke)» Commercial terms based on market formula

Kiama

coal loade 8 Mtpa

Southern

CoalfieldAll product exported through Port Kembla Coal Terminal» Regional rail and port infrastructure capacity of 18Mt

Experienced and expert management team

Targeting to increase ROM production from 1.3Mtpa to 6.0Mtpa over the next 5 years

l $

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» Target long term operating cost of ~$39/tFor

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GUJARAT OVERVIEW (cont.)GUJARAT OVERVIEW (cont.)

Capital structure

Share price (A$) 0 65

Shareholders

6% 11%Share price (A$) 0.65

Share o/s (m) 809.5

Options (m) 27.6

Market cap (A$m) 526.2

N d b /( h)1 (A$ ) 98 8

6% 11% Gujarat NRE Coke Limited & Associates

HSBC Global Asset Management (Singapore) Ltd

Net debt/(cash)1 (A$m) 98.8

Enterprise value (A$m) 625.0

Share price performance (LTM) FinancialsFY09A FY08A

83% Others

A$0 40

A$0.60

A$0.80 March Y/E A$m A$m Revenue 205.9 45.4

EBITDA 45.8 (5.6)

Depreciation & (28 2) (3 3)

A$0.00

A$0.20

A$0.40 Depreciation & Amortisation

(28.2) (3.3)

EBIT 17.6 (8.9)

EBIT margin 8.5% n/a

NPAT (9 1) (8 0)

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Nov-08 Feb-09 May-09 Aug-09 Nov-09

Note:1 As at 31 March 2009

NPAT (9.1) (8.0) For

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EXPERIENCED BOARD EXPERIENCED BOARD

Board

Arun JagatramkaChairman

25 years of professional and management experienceAll India 1st rank gold medalist Chartered Accountant

B.Com (Hons), FCA, AIMMg

Director of Pike River, Port Kembla Coal Terminal, NSW Mineral Council and Australian Coal Research AssociationAppointed as an honorary NSW Sydney Ambassador to India

Maurice AnghieDirector & Chairman of

Experienced financially qualified Professional with commercial skills and legal/regulatory and governance expertiseDirector & Chairman of

Audit CommitteeBBus, FCA, FCPA, MAICD

legal/regulatory and governance expertiseAudit partner in chartered accounting firms for over 20 years

Don CarrollDirectorB Mining Engineering

Over 30 years experience in the international mineral industriesFormer senior executive with BHP Billiton where he held the positions of Vice President Investor Relations Australia General Manager Marketing Asia President BHP B. Mining Engineering President Investor Relations Australia, General Manager Marketing Asia, President BHP Billiton Japan, President BHP Billiton India.

Andrew FirekDirectorM.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 AustraliaFormer Group Leader at the CSIRO, Division of Fossil Fuels in Sydney and was engaged in developing technologies to produce liquid fuels from coalin developing technologies to produce liquid fuels from coal

Mona JagatramkaDirectorB S (H )

10 years of experience in management and administrationActive in the management & human resources for Gujarat NRE GroupAl th b d f G j t NRE C k Li it d

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B.Sc. (Hons) Also on the board of Gujarat NRE Coke LimitedFor

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MANAGEMENT STRUCTUREMANAGEMENT STRUCTURE

Arun Kumar JagatramkaSanjay LoyalkaS MurariS MurariP R Kannan

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STRONG MANAGEMENT TEAMSTRONG MANAGEMENT TEAM

Senior Management Team

Steven BowHead of Operations

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

BE(Hons), MEngScp g

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

Chris HarveyHead of Tech. ServicesPhD Mining Engineering

35 years coal industry experienceFormer Mining Engineer and Senior Environmental Officer with the NSW Department of Mineral ResourcesPhD Mining Engineering of Mineral ResourcesMember of the Australasian Institute of Mining & Metallurgy, the Institution of Engineers Australia, the Australian Institute of Management, the Society of Mining Metallurgy & Exploration (America)

Steve CoffeeGroup Engineering Manager

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

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Group Engineering Manager coal fields of NSW mainly with BHP BillitonMechanical Engineers Certificate of Competency

Phil WakefordOperations Manager

33 years Underground Coal experience having worked in NSW South Coast, NSW Western District and Central Queensland Collieries with Oakdale Collieries Ltd, BHPBIC and NREWWMine Managers Certificate of Competency

Rhys BrettOperations ManagerB. 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

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NRE NO.1 COLLIERYNRE NO.1 COLLIERY

Located in the Southern Coalfields of NSW» ~10km north of Wollongong» ~20km from Port Kembla Coal Terminal

Premium quality hard coking coal

JORC resources of 315.6Mt

Current production of 0.65Mtpa

ROM coal transported ~20km via truck to the Port Kembla Coal TerminalTerminal

Capacity to increase production to 3.2 Mtpa by 2015

Currently using a board and pillar mining method with plans to Currently using a board and pillar mining method with plans to install longwall equipment in 2 years time

Approximately A$160 million invested (to March 2009) with plans to invest a further A$300 million

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NRE NO.1 COLLIERY (cont.)NRE NO.1 COLLIERY (cont.)

Production forecast (ROM) Future capital expenditure plan (FY10-13)

4.0

A$m Mine development 70

Plant & equipment 210

Others 20 1.5

1.8

3.0 3.2

2.0

3.0

Mt

Others 20

Total 300 0.5 0.7

0.0

1.0

FY10 FY11 FY12 FY13 FY14 FY15

Reserves & Resources

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

10*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.

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NRE WONGAWILLI COLLIERYNRE WONGAWILLI COLLIERY

Located in the Southern Coalfields of NSW» ~14km south-west of Wollongong» ~20km from Port Kembla Coal Terminal

Consolidates the Elouera Colliery (previously owned by BHP), Avondale Colliery and part of the Huntley CollieryHuntley Colliery

Premium quality hard coking coal

JORC resources of 258MtJORC resources of 258Mt

ROM coal transported ~20km via rail to the Port Kembla Coal Terminal

Approximately A$80 million invested (to March 2009) with plans to invest a further A$200 million

Operating a Joy Longwall since Sep, 2009

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NRE WONGAWILLI COLLIERY (cont.)

Production forecast (ROM)

NRE WONGAWILLI COLLIERY (cont.)

Future capital expenditure plan (FY10-13)

4.0

A$m Mine development 40

Plant & equipment 110

Others 50 1.6 1.7

1.5 1.4

3.0

2.0

3.0

Mt

Others 50

Total 200 0.8

0.0

1.0

FY10 FY11 FY12 FY13 FY14 FY15

Resources (Mt) Reserves (Mt)Potential

Reserves (Mt)*As per mine plan (Mt)**

Seam Measured Indicated Inferred Total Proven Probable Total Total

Reserves & Resources

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

12*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.

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COAL QUALITYCOAL QUALITY

Typical washed coal qualityAverage

Bulli Wongawilli

grange for

coking coal1

Ash (%) 9.6 10.0 7.0 – 10.5

CSN (swell index)

5.5 >9.0 6.0 – 9.0 index) 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

Gujarat hard coking coal compares well against Bowen Basin prime hard coking coal on almost all quality parameters

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

Note:1 Based on Bowen Basin coal quality estimates2 Based on inherent moisture content of Peak Downs coal

Source: Australian Coal Association, Company reports, Broker reports

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INFRASTRUCTURE POSITIONING INFRASTRUCTURE POSITIONING

Port Kembla Coal Terminal remains an unconstrained coal export port» 13.2Mt throughput in 2008» Ship loading capacity is 18 Mtpa

ROM l f NRE N i t t d i

NRE No. 1

ROM coal from NRE No. is transported via truck haulage to Port Kembla » Proven ability to transport up to 3 Mtpa

Wollongong

ROM coal from Wongawilli is transported via rail to Port Kembla » Historically up to 2 Mtpa has been

transported using existing infrastructure

Port KemblaNRE

Wongawilli

» The capital program budgets for an infrastructure upgrade that will allow for the transport of 4 Mtpa

Rail

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GROWTH PLAN – PRODUCTION FOCUSNRE 1 and Wongawilli 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

5

6

7Historical Future

CAGR: 36.7%

3

4

MT NRE 1

Wongawilli

CAGR: 82 4%

0

1

2 CAGR: 82.4%

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Wongawilli Longwall Introduced

NRE 1 L g ll I t d ti

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NRE 1 Longwall IntroductionWongawilli Longwall Upgrade

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REY RESOURCES TAKEOVER UPDATEREY RESOURCES TAKEOVER UPDATE

Announced a takeover offer for Rey Resources (ASX:REY) on 3 June 2009» 100% scrip offer based on 1 for 5 (with implied bid premium of ~41%)

Rey Resources owns 100% of a thermal coal exploration project located in the Canning Basin, WA » JORC resource of 511Mt» Well located to WA ports» Feasibility study expected to be completed by end of 2009

Transaction rationale» Exposure to the growing thermal coal market and diversifies Gujarat’s asset base and market risks» Ability to unlock the value through financing capabilities and development expertise

Compliments growth strategy as an independent coal company» Compliments growth strategy as an independent coal company» Attractive location for exporting to the Indian market

Status» Gujarat FIRB approval obtainedj pp» Gujarat owns 16.9% equity in Rey» Crosby Capital announced rival $0.195 cash takeover offer on 4 September» Gujarat offer extended to 27 November» REY trading at ~A$0.25 with Rey Resources Directors unanimously rejecting both offers

R Di h d i l i i 20 » Rey Directors have proposed capital raising at 20 cents

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GLOBAL CRUDE STEEL GROWTH PATTERN GLOBAL CRUDE STEEL GROWTH PATTERN

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

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OFFTAKE PARTNER - GUJARAT COKEOFFTAKE PARTNER GUJARAT COKE

All ROM coal production sold to Gujarat Coke

Sold on commercial terms based on a market formula calculated as follows:» FOB Coking Coal Price based on the JSM BHP Goonyella benchmark» Benchmark price is adjusted for yield, additional transport costs required to ship ROM

coal (versus washed coal) to India, estimated coal washing costs and the cost of emplacement of rejects in Australiaemplacement of rejects in Australia

Since the commencement of production the ROM coal price received has been between 52% and 60% of the benchmark coking coal price

Gujarat Coke has guaranteed that the ROM price received will be no less than US$55 per tonne

Gujarat Coke is the largest independent producer of Metallurgical Coke in IndiaGujarat Coke is the largest independent producer of Metallurgical Coke in India» Listed on the Bombay and National Stock Exchanges» More than 180,000 shareholders» Market cap of ~US$644 million

Only Indian company to have acquired coking coal mines in Australia» Only Indian company to have acquired coking coal mines in Australia

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INVESTMENT SUMMARYINVESTMENT SUMMARY

1. ATTRACTIVE HARD COKING COAL EXPOSURE

2. PREMIUM PRODUCT

3. STRONG PRODUCTION GROWTH PROFILE

4. ROBUST LONG TERM OPERATING MARGINS

5. UNCONSTRAINED EXISTING INFRASTRUCTURE CAPACITY

6. WELL SUPPORTED BY MAJOR SHAREHOLDER - GUJARAT NRE COKE LIMITED

7. STRONG AND EXPERIENCED MANAGEMENT TEAM

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OUR GROUP’S TRACK RECORD OUR GROUP S TRACK RECORD

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