WHITEHAVEN COAL LIMITED : 16/04/2012 - Extraordinary General Meeting - Presentation

This disclaimer and important notice applies to this presentation and any information provided in relation to or in connection with the information contained in it.

This presentation provides information in summary form and should be read in conjunction with previous announcements in relation to the proposed merger of Whitehaven Coal Limited (Whitehaven) and Aston Resources Limited (Aston) and the proposed acquisition by Whitehaven of Boardwalk Resources Limited (Boardwalk) (the Transaction). Some of the information in this presentation is based on publicly available sources or internal estimates by Whitehaven, Aston or Boardwalk, has not been independently verified and may not be complete. In particular, this presentation does not purport to contain all the information investors may require in order to make a decision in relation to the Transaction.
This presentation contains forward-looking statements which involve a number of risks and uncertainties. Forward looking statements should or can generally be identified by the use of forward looking words such as "anticipate", "believe", "expect", "forecast", "estimate", "will", "could", "may", "target", "plan" and other similar expressions within the meaning of securities laws of applicable jurisdictions, and include expected production estimates. These statements reflect current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions based on currently available information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, beliefs, hopes, intentions and strategies described in this presentation and you are cautioned not to place undue reliance on any forward-looking statement.
No representation or warranty is made as to the accuracy, completeness, reliability, fairness or correctness of the information, conclusions and opinions (including any forward looking statements) contained in this presentation. To the maximum extent permitted by law, no person, including Whitehaven, Aston, Boardwalk and their respective related bodies corporate, officers, employees and representatives (including agents and advisors), accepts any liability or responsibility (including, without limitation, any liability arising out of fault or negligence) for loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement of any forecasts, prospects or returns contained in this presentation.
The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. In this regard, this presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person.
The statements in this presentation are made only as at the date of this presentation unless otherwise stated and remain subject to change without notice. No person, including Whitehaven, Aston, Boardwalk and their respective related bodies corporate, officers, employees and representatives (including agents and advisors) accepts any obligation to correct or update this presentation. You should seek your own independent professional advice in relation to the technical, financial, taxation, legal and commercial matters relating to the information and rely on your own due diligence and analysis accordingly.
This presentation does not constitute an offer to issue or sell, or to arrange to sell, securities or other financial products. In particular, this presentation and the information contained in it does not constitute a solicitation, offer or invitation to buy, subscribe for or sell any security in the United States or to or for the account or benefit of any U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933 (the US Securities Act)). The Whitehaven shares to be issued in the Transaction have not been, and will not be, registered under the US Securities Act. Securities may not be offered or sold in the United States unless they have been registered under the US Securities Act or an exemption from registration is available.
Cautionary note regarding ore reserves and mineral resources: You should be aware that as Australian companies with securities listed on the ASX, each of Whitehaven and Aston is subject to Australian disclosure requirements and standards, including the continuous disclosure requirements of the Australian Corporations Act and the ASX. Australian disclosure requirements and standards are different from those of the other jurisdictions. In addition, you should note that it is a requirement of the ASX listing rules that the reporting of ore reserves and mineral resources in Australia comply with the JORC Code 2004 Edition, whereas mining companies in other countries may be required to report their mineral reserves and/or resources in accordance with other guidelines (for example, SEC Industry Guide 7 in the United States). You should note that while Whitehaven's and Aston's reserve and resource estimates comply with the JORC Code 2004 Edition, they may not comply with the relevant guidelines in other countries, and do not comply with SEC Industry Guide 7, which governs disclosures of mineral reserves in registration statements and certain reports filed with the U.S. Securities and Exchange Commission. In particular, SEC Industry Guide 7 does not recognise classifications other than proven and probable reserves, and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC registration statements. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that the merged entity will be able to legally and economically extract them.
All references to future exploration, production, exploration targets and production targets made in relation to Boardwalk in this presentation are subject to completion of all necessary feasibility studies, delivery of all necessary approvals, construction and financing arrangements, as well as certain other risks.
Any reference to exploration targets refers to in-situ coal deposits in respect of which there is insufficient data from historical and current exploration activities to identify a Resource in compliance with the JORC Code, and is purely conceptual in nature. It is uncertain if further exploration will result in determination of a Mineral Resource (as defined in the JORC Code).
The release, publication or distribution of this presentation in jurisdictions outside Australia may be restricted by law. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. This presentation may not be copied by you, or distributed to any other person.

1