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Gujarat NRE Coke LimitedArun Kumar JagatramkaVice Chairman & Managing Director

February, 2009

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The Undiscovered Coking Coal Producer

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Disclaimer

This presentation has been prepared by and issued by Gujarat NRE Coke Limited (“Gujarat” or the “Company”) to assist it in informing interested parties about the Company. It should not be considered an invitation or offer to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

Forward Looking Statements

This presentation contains forward looking statements. While Gujarat has no reason to believe that any statements are either false, misleading or incorrect, it cannot guarantee that through either passage of time or actions beyond the control of Gujarat, they will not become so.

You should not act or refrain from acting in reliance on this presentation material. This overview of Gujarat does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decisions.

There are a number of risks, both specific to Gujarat and of a general nature which may affect the future operating and financial performance of Gujarat and the value of an investment in Gujarat including and not limited to economic conditions, stock market fluctuations, iron ore demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations, and mining development.

Has the India story run out of steam?

• There is a global meltdown – all Market indices are in a free fall

• When the US sneezes, the world catches cold

• Billion dollar “bailouts” have gone unsung

• Still, there seems no light at the end of the tunnel

Indian context: It’s a mere Traffic jam

Imagine the cross roads

Where everybody is stuck on “your move”

The cars, the fuel, the drivers are all there – the fundamentals are in place

Only, no one wants to be the first mover

Due to severe lack of confidence on one hand

As well as the Desire to profit from the downturn

What next?

• The moment the bottleneck eases,

• Cars will zoom past in the un-congested road ahead

• With the fundamentals in place, all that is lacking today is

Investor confidence

• Once that returns,

• The indices will be on steroids

• Especially good, old resource plays

Period

5 – 8 months

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A Snapshot

Gujarat NRE Coke Limited

Largest independent producer of Metallurgical Coke in India

Listed on the Bombay and National Stock Exchanges, with a market capitalisation of over INR 15 bn (No. of shareholders 180,000)

Profit earning and dividend paying company with strong financials and credit rating

Met Coke capacity 1 million tons, being increased to 1.25 Million Mtpa by March 09, and will further ramp upto 2.25 with setting up of 1 million TPA green field plant in Southern India

The only Indian company to have acquired captive coking coal mines outside India

Strong focus on the Environment with ISO 14001:2004 & OHSAS 18001:1999 certification

Setting up Captive Jetty at Bellikeri, Karnataka and Railway Siding at Dharwad which would improve logistics and reduce cost

Acquired six new dry bulk carriers on long term time charters with an option to buy.

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

Last 2 Annuals ~ Current 9 Months

GUJARAT NRE COKE LIMITED

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GUJARAT NRE COKE LIMITED

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Performance for 9 Months Period Ended

GUJARAT NRE COKE LIMITED

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Our Bonus History

• Fin. Year Ratio Record Date Allotment Date

• 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 30th Sept-2006 18-Oct-2006

• 2007-08 2:5 20th –Oct-2008 31-Oct-2008

Long term NRE Share Price compared with Nifty(Adjusted for Bonus Issues)

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2.8.04 3.10.06 2.4.07 16.10.08 4.11.080

500

1000

1500

2000

2500

3000

3500

4000GNCL Nifty

2004 was the earlier peak in coke cycle which bottomed out in Dec’05

NRE has still outperformed the NIFTY by 54% in last 4 years (2.8.04 to 4.11.08)& 60% in last 2 years (3.10.06 to 4.11.08)

GUJARAT NRE COKE LIMITEDGrowth @ speed of thought

Shareholding Pattern Jagatramka Family 46%

Mutual Funds & FIIs 22%Indian Public (180,000) 32%

----------100%

Returns to ShareholdersInvestment of Rs. 1 million 1994 equals Rs 0.8 billion in 2008/2009

• Listed on BSE & NSE• Ticker Code: GUJNRECOKE BSE: 512579• Face Value : Rs. 10 per share

Growth @ speed of thoughtGUJARAT NRE COKE LIMITED

GUJARAT NRE COKE LTDOperations…

HARD COKING COAL (NSW, AUSTRALIA)

RESOURCES 560 MMT

LOW ASH METALLURGICAL COKE

1.25 MMTPA

COAL WASHERYAT KHAMBALIA

& BHACHAU (0.75 MTPA each)

Gujarat NRE Minerals (ASX: GNM)

NRE NO. 1 COLLIERY300 MILLION MT

NRE Wongawilli Colliery260 MILLION MT

STEEL UNITTMT BARS : 0.311 MMTPA

*DHARWAD UNIT0. 25 MILLION MTPA

BHACHAU UNIT0.324 MILLION MTPA

KHAMBALIA UNIT0.358 MILLION MTPA

BNCL (60%)DHARWAD UNIT

0. 324 MILLION MTPA

*Proposed Facilities

Waste Heat Recovery Power Plants

Khambhalia* 15 MWBachau* 15 MWDharwad* 30 MW

Total 60 MW

Wind Power 87.5 MW

In Australia In India

15%

85%

GUJARAT NRE COKE LIMITEDListed on NSE & BSE in India

Pluton Resources LtdGujarat NRE Limited

Pike River Coal Ltd Rey Resources LtdWonga Coal Pty Ltd

Gujarat NRE FCGL Pty Ltd

Gujarat NRE Minerals Ltd

Listed on ASX:GNM

100%

NRE Wongawilli260 MT

NRE No. 1 300 MT

International Operations

Gujarat NRE Resources NL

Coal mine in New Zealand.

Coal off-take For 400,000MT pa

Exploration tenements

In Australia, Chile & Peru

Exploration tenementsIn Australia

13%

100% 10%

100%

100%

GUJARAT NRE MINERALS LIMITED

Listed on ASXTicker Code: GNMIssue Price $0.50 per share (In July’07)Shares on Issue 803 millionCurrent Market Price $0.35Fully diluted Market Cap AUS $0.3 Billion +

GUJARAT NRE MINERALS LIMITED

Shareholding Pattern:

Holding Co.(GNCL) 85%Institutions 08%Corporate Bodies 05%Individuals 02%

Our Journey Down under

Acquired NRE No1 mine Dec 2004

Re-opened NRE No1 mine Sept 2005

ASX listing raising a total of $22m July 2007

Four panels in operation in Bulli Seam

Acquires ASX listed Gujarat NRE Resources – Avondale/Huntley Dec 2007

Completes acquisition of Eloura colliery from BHP Dec 2007

Wonga mains project commenced to access Wongawilli seam Sept 2007

Commenced Development at Wongawilli Colliery Feb 2008

23 Sep 2005A historic Moment

That witnessed the christening of

First coal mine in Australia

Owned by an Indian CompanyGujarat NRE Coke

In this periodWe strengthened

our bonds with the community

investedin the mine to get it up and running

28th April,2008Hon. Minister Ian

Macdonald signalledthe start of our 2nd

coking coal mine

Gujarat NRE Minerals Ltd

• Fully Focussed, Hard Coking Coal Producer

• Located in the Southern Coalfields of New south Wales, approximately 20kms for Port Kembla

• Currently employing more than 400 people in Illawarra directly

• Established Infrastructure including rail

• Bord and pillar production 900,000 tonnes per annum

• Longwall mining commencing in 2009, ramping up production to 5.9Mt by 2011 and 7Mt by 2013

• Over 570Mt of Reserves and Resources

– 33Mt Measured Reserves, 153Mt Indicated and 389Mt Inferred

• Work underway to convert indicated and inferred to measured

• Exporting to India under long term off-take contract

• 85% held by Gujarat NRE Coke

Gujarat NRE Minerals LtdBoard and Management

Mr. Steve Bow

Head of Operations

28 Years Underground Coal experience

BE (hons), MEngSc

Dr. Chris Harvey

Head of Tech. Services

35 years coal industry experience

PhD Mining Engineering

Mr. Steve Coffee

Group Engineering Manager

28 years Underground Coal experience

Mechanical Engineers Certificate of Competency.

Mr Phil Wakeford

Operations Manager

32 years Underground Coal experience

Mine Managers Ceriticate of Competency

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Mr Arun Jagatramka Chairman

25 years professional & management experience, gold medallistB.Com (Hons), FCA, AIMM

Mrs. Mona JagatramkaNon-Executive Director

10 years of experience in management & administration affairsB. Sc. (Hom.)

Dr Andrew Edwin Firek Non Executive Director

25 years experience in mining &Mineral processingMSc, Ph D, FAusIMM, FAIE

Mr. Maurice AnghieNon Executive Director and Chair of the Audit Committee Experienced financially qualifiedProfessional with commercial skills &Legal/regulatory/governance expertiseBBus, FCA, FCPA, MAICD

GNML Resource Statement

Reserve Reports Summary – Extracted from JORC compliant reports carried out by

NRE#1 – Barry Clark, Technical Services Consultant, Bureau Veritas International Trade Australia (Sept 2008)

Wongawilli – Barry Clark, Technical Services Consultant, Bureau Veritas International Trade Australia (March 2008)

Measured Indicated Infered TotalMt Mt Mt Mt

NRE No 1 Colliery Bulli 12.4 31.7 15.1 59.2

Balgownie 0.0 37.5 42.7 80.2

Wongawilli 0.0 59.3 117.9 177.2

Total 12.4 128.5 175.7 316.6

Wongawilli Colliery Bulli 0.0 8.0 25.0 33.0

Wongawilli 21.0 16.0 114.0 151.0

Tongarra 0.0 0.0 74.0 74.0

Total 21.0 24.0 213.0 258.0

Total Resource 33.4 152.5 388.7 574.6

Production

Mine Seam 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14Mt Mt Mt Mt Mt Mt

NRE No1 Bulli 0.7 0.5 0.7 0.4 0.4 0.3

Wongawilli 0.0 0.4 0.6 3.4 3.1 2.9

Balgownie 0.0 0.0 0.3 0.3 0.3 0.3

Total 0.7 0.9 1.5 4.0 3.8 3.5

Wongawilli Wongawilli 0.2 1.5 1.7 1.6 2.3 3.3

Bulli 0.0 0.1 0.3 0.3 0.3 0.3

Tongara 0.0 0.0 0.0 0.0 0.0 0.0

Total 0.2 1.6 2.0 1.9 2.6 3.6Total Production 0.9 2.5 3.5 5.9 6.4 7.1

Gujarat NRE Minerals LtdRaw Coal Production Profile

012345678

Mar'09 Mar'11 Mar'13

No. 1WongawilliTotal

NRE Mining Operations

NRE #1 Mine – Bulli Seam Extraction

• Infrastructure already in-place to mine Bulli Seam

• Mining currently underway in 4 areas

NRE #1  BulliDomains

Av. Yield%

Ash% CSN IM%

Bulli Seam Quality Summary

Bulli 84.28 10.11 2.4 0.8V‐mains 76.45 11.53 2.5 0.8

P,O & H Panels 76.8 9.68 2.75 0.8

310‐311 83.4 10.3 2.2 0.8

NRE #1 Mine – Wongawilli Seam Extraction

• Development underway from R.V Pit-top and from Shaft #4 Man and materials.

• Development in both Western and Eastern areas will be independent of each other, however LW extraction to commence in the eastern block first whilst establishing conveyors and infrastructure to link 2 Areas together

• Known geology due to previous development and extraction above (Bulli and Balgownie seams)

NRE #1  Wongawilli Domains

Av. Yield%

Ash% CSN IM%

Wongawilli Seam Quality Summary

Wonga East 50.48 13.23 6.01 0.7Wonga West 52.81 11.72 8.5 0.81

NRE #1 Mine – Balgownie Seam Extraction

• Access to seam via Shaft #4 man and materials which is being developed as part of the access to Wongawilli seam.

• Mine out using pillar extraction whilst developing longwall blocks in seam below.

• Known geology from Bulli Seam above

NRE #1 BalgownieDomains

Av. Yield%

Ash% CSN IM%

Balgownie Seam Quality Summary

Balgownie 59.17 9.14 4.2 0.8

NRE Wongawilli Mine – Wongawilli Seam Extraction

NRE Wongawilli Domains

Av. Yield%

Ash% CSN IM%

Wongawilli Seam Quality SummaryEloura Area 71 10.4 >7 1%Nebo Area 76 10.5 7.5 1%

• Using Existing Infrastructure to extract remnant coal reserves whilst establishing new roadways to access southern coal reserves

NRE Wongawilli Mine – Conceptual Design for Wongawilli Seam Extraction

NRE Wongawilli Domain

Av. Yield%

Ash% CSN IM%

Wongawilli Seam Quality SummaryAREA 1 75 11.5 5.5 1%

Bulli Seam Quality SummaryAREA 1 95 9.8 3.5 1%

AREA 1

Proposal has recoverable resource of greater than 16MT of Wongawilli Seam Coal – 2.5MT from Area 1

Capital plans – NRE No.1 Mine

GNML Financial Year

Capital Investment ($AUD) Key Milestones for Period

2008/2009 $ 56.3 M Wonga Mains Project, Procurement of Mining Equipment

2009/2010 $ 55.0 M Wonga Mains Project, Surface Coal Handling

2010/2011 $ 186.2 M Procure LW, Washery Project

2011/2012 $ 20.9 M LW commencement Apr 2011, V Mains Lifting Panels Commence

2012/2013 $ 10.4 M Wonga West Development to commence

2013/2014 $ 7.5 M

TOTAL $ 336.5 M

Capital plans – Wongawilli Mine

GNML Financial Year

Capital Investment ($AUD) Key Milestones for Period

2008/2009 $ 11.5 M Procurement of Mining Equipment.

2009/2010 $ 45.0 M Nebo belt upgrades, Wonga South Project, Procurement of 2 Continuous Miners, Commence Longwall July 09.

2010/2011 $ 24.0 M Wonga South Project

2011/2012 $ 82.3 M Wonga South Project, Avon Shaft Project, Surface Coal Handling and Processing Projects

2012/2013 $ 50.0 M Wonga South Project, Wonga South LW Commence

2013/2014 $ 5.0 M

TOTAL $ 217.8 M

Next 12 Months Activity

Wongawilli

–Commence Longwall Extraction

–Commence Drivage to Wonga South

–Provide Access Roadway to Nebo

–Complete Stage 1 exploration program of Wonga South

NRE #1

–Start V-Mains

–Start Wonga West Drivage

–Refurbish #1 Shaft

–Continue Wonga Mains Project

Thank You

A parting note :

Tough Times don’t last.

Tough Entities Do!