INFORMATION MEMORANDUM

INVESTMENT OVERVIEW 02Situated in an Emerging Coal ProvinceThe Gunnedah Basin is an emerging coal province which has attracted the attention of international coal and resource companies,including:• Rio Tinto: which owns [name of mine] [X] development project, which is expected to producer [X] Mtpa;.• BHP Billiton: which recently acquired the [X] Mtpa Caroona project for $100m - $225m;• Idemitsu: which, in addition to owning a 30% share of the Tarrawonga opencut mine, owns the operating Boggabrimine producing [X] Mtpa of [type(s) of coal] coal. Idemitsu also has several other projects in the Gunnedah Basin, includinga coal deposit adjacent to Tarrawonga opencut.Diversified PortfolioWhitehaven Coal’s current portfolio of operating mines, projects and coal products provides risk diversification by virtue of:• Multiple operating mines – Canyon open cut, Tarrawonga open cut and Werris Creek open cut;• Strong project pipeline – Belmont open cut, Sunnyside open cut and Tarrawonga underground mines and Narrabri Northunderground mine;• Multiple products: semi-soft coking coal, PCI and thermal coal; and• Large exploration license areas – Canyon West, West Blue Vale, Narrabri South and Bonshaw and more.First Mover Advantage in the Gunnedah BasinWhitehaven Coal has established itself as the leading operator and developer of coal mines in the Gunnedah Basin. WhitehavenCoal can leverage off its local knowledge, strong existing community relationships and technical expertise to maximisevalue for shareholders in relation to any future regional opportunities.Coal Marketing ExperienceWhitehaven Coal utilises the coal marketing services of industry-leading organisations.• All of the coal product from the Whitehaven Mining Precinct is marketed by ECM, one of the most experienced coalmarketing teams in Australia. The principal of ECM has over [15] years experience in marketing Australian coal to internationaland domestic markets;• AMCI (Australia) is responsible for marketing the Werris Creek coal product. AMCI (Australia) is a subsidiary of AMCI(USA), one of the world’s leading private international coal organisations. AMCI (Australia) has over 10 years of coalmarketing experience and is responsible for selling [X] Mt of coal product per annum.Attractively priced exposure to growthThe Offer is priced attractively on an Enterprise Value/Production basis when compared to Whitehaven Coal’s peers.In FY2008, FY2009 and FY2010 Whitehaven Coal’s “Enterprise Value / Production” is valued at ~$99/t, ~$59/t and ~$40/t,respectively. This compares to Whitehaven Coal’s peer average of ~$134/t, ~$105/t and ~$98/t over the same periods.Excellent Safety and Industrial RecordWhitehaven Coal boasts an excellent safety track record, with no lost time incidents (LTI’s) ever recorded at the WhitehavenMining Precinct. Whitehaven Coal is committed to continue this record and providing the best possible work safety conditionsfor its valued employees.Whitehaven Coal has not had a single day of industrial action since its establishment in 1999.Successful Founders and DirectorsThe Founders (being Keith Ross, Hans Mende, Fritz Kundrun and First Reserve) have an impressive track record within theinternational and Australian coal industry and have successfully built a number of coal companies and projects including:• AMCI (USA), a private global coal company with operations in USA, South America and Queensland;• Foundation Coal (USA) Inc - a NYSE listed coal producer with a market capitalisation of ~ US$1.4 billion;• Alpha Natural Resources (USA) Inc - a NYSE listed coal producer with a market capitalisation of ~ US$830 million; and