INFORMATION MEMORANDUM

01INVESTMENT OVERVIEW• The development of the Coppabella coal mine (now a core asset of Macarthur Coal Ltd).First Reserve is a leading international private equity firm established 25 years ago and specialises in the energy industry withover US$12.5 billion under management within four active funds. Throughout its 23-year history, First Reserve has developeda strong franchise of investing exclusively in companies involved in the energy industry, utilising its broad base of specialisedknowledge.[In addition X and X (previously [position] and [position] respectively of [company]), have joined the board of WhitehavenCoal and bring their substantial development, operational and corporate experience to Whitehaven Coal.]1.4 StrategyWhitehaven Coal’s core strategy is to:• identify and develop greenfields coal projects that provide competitive advantages by virtue of:- Specialised coals with strong market acceptance;- Strong regional position;- Staged development; and- Diversification of risk.• maximise the return on capital from current operations by taking a lean and staged approach to capital expenditure; and• identify value accretive coal acquisitions which are complementary to Whitehaven Coal by focusing on:- strong fundamentals;- majors selling “non-core” assets; and- underperforming assetsWhitehaven Coal was established in 1999 with [~$1 million]. Today it holds a strong and diversified portfolio of operatingand development coal assets. The strength, expertise and coal industry relations of the board and senior management providesWhitehaven Coal with the ability to maximise shareholder wealth.1.5 Summary Financial InformationThe table below sets out the financial performance of Whitehaven Coal for the years ended 30 June 2004, 2005 and 2006and the Directors’ forecast for the years ending 30 June 2007 – 2011 (inclusive). Detailed reviews of the historical financialinformation and the Director’s forecasts and underlying assumptions and risk factors are set out in section.Year endingA$ Million30 June2004A30 June2005A30 June2006A30 June2006ARevenue 1000 1000 1000 1000EBITDA 1000 1000 1000 1000EBIT 1000 1000 1000 1000Net profit after tax ($m) 1000 1000 1000 1000Capex Requirements ($m) 1000 1000 1000 1000• The commencement of mining at Narrabri North from October 2008 (which will contribute approximately [0.9 – 1.2]Mtpa of marketable coal) via the use of “continuous miners”;• The commencement of longwall operations at Narrabri North from 1 January 2010 (which will contribute approximately5.3 – 6.0 Mtpa of marketable coal);• The commencement of mining operations at Belmont opencut in FY2008 (which will contribute up to 1.1 Mtpa of marketablecoal);• The commencement of production at Sunnyside opencut in FY2008 (which will contribute up to 1.0 Mtpa of marketablecoal); and• Increased production from Tarrawonga opencut from 0.65 Mtpa to approximately 1.4 Mtpa of marketable coal) fromFY2008 onward.