1

CITIEUROPEANCREDITCONFERENCE

25November2008

MarekJelinek,ExecutiveDirector&CFO

2

LEADINGHARDCOALPRODUCER

  NWRproduceshighqualitycokingcoal,thermalcoalandcokefromassetsinPolandandtheCzechRepublicforthesteelandenergysectorsinCentralEurope

  PrincipalsubsidiaryOKDistheCzechRepublic’slargesthardcoalminingcompany

  StrategicallylocatedwithinCEE;suppliestoabluechipcustomerbaseintheregion

  419MtofJORCprovenandprobablereserves

  Fouractivecoalmines

  13.1Mtoftotalcoalsoldin2007,including7.8Mt1ofcokingcoal

  Twocokingplantsproducingblastfurnaceandfoundrycoke

  1.3Mtofcokesoldin2007

CitiEuropeanCreditConference

1.IncludinginternalcokingcoalsalestoOKK

3

FINANCIALHIGHLIGHTS

EURmillion YTDSep2008 YTDSep2007 Change

Revenues 1,553 972 60%

EBITDA 520 265 96%

Margin 33.5% 27.3%

OperatingProfit 396 146 172%

Margin 25.5% 15.0%

NetEarnings 259 109 137%

Margin 16.7% 11.2%

Netdebt 353 430 (18%)

CitiEuropeanCreditConference

4

  Cokingcoalpricesup59%

  Thermalcoalpricesup40%

  Cokepricesup75%

  Negotiationsfor2009coalcontractshavecommenced

–  Expectedtocompleteearly2009

Prices(EUR/t)YTDSep2008

YTDSep2007

Change

Cokingcoal 135 85 59%Thermalcoal 67 48 40%Coke 302 173 75%

CitiEuropeanCreditConferenceCAPITALISINGONSTRONGGROWTHINCOALPRICES

CokeandCoalPriceDevelopment(EUR/t)

5

CEEPRICINGDYNAMICS

  Long-termframeworkagreementsbetweencustomersandsuppliers

  Contractsre-pricedonayearlybasisandforspecifiedvolumes

  Pricescontractedforfullcalendaryear,negotiatedinthefourthquarterofthepreviousyear

  Nopricingformulasnorregionalbenchmarks;negotiationsaredoneonaone-on-onebasiswitheachindividualcustomer

  Globalpricingimpactstheregionalnegotiationsascurrentshortageintheregionismetviaimports

  Landlockednatureoftheregionimpliespricingpremiumdrivenbytransportationcosts

CitiEuropeanCreditConference

6

NWREVOLVESTOBECOMETOPREGIONALPLAYER

  RPGacquiredNWRfromtheCzechgovernmentandfrommanagementin2004

  RPGinitiatedamassiverestructuringaimedatfocusingthecompanyonitscorecoalandcokebusinesses

  CapitalstructureaidedbyanEUR1.1billionseniorbankfacilityandanEUR300millionbond

  Internationalmanagementteamjoinedtoimplementbestpracticeengineeringandmanagementstandards

  InMay2008NWRlistedonLondon,PragueandWarsawStockExchanges

CitiEuropeanCreditConference

7

INCREASINGEFFICIENCYINCURRENTOPERATIONS

ProductivityOptimisationProgrammePOP2010objective:

  Maintaincurrentlevelsofproduction

  Improvesafetyandreliability

  Estimatedcostreductions1

–  c.10%oflabourcosts

–  c.20%ofmaintenancecosts

–  c.4%ofotheroperatingandenergycosts

  TotalinvestmentofEUR330million

  ThreeoutoffivePhaseIlongwallsetsalreadyinoperation1. AffectingOKDminingoperatingcostsonly

ProductivityperLongwallFace

Source:NWRestimates

CitiEuropeanCreditConference

8

REGIONALGROWTHSTRATEGY–POLAND

Debiensko

  MininglicenceforDebienskograntedinJune2008

  190Mtofcokingcoalreservesinwelldefinedandpredictablegeology

  CapexofEUR600mtoEUR800m

  Targetproductionrun-rateof>4Mt

  FeasibilitystudybyJTBoydinprogress

  Shaftsinkingpreparationinitiated

CitiEuropeanCreditConference

Morcinek

  LetterofintentsignedwithJSWinOctober2007

  Conceptualstudycommencedbasedondrillingresults

  Cross-borderminingtreatysignedbytheCzechandPolishauthoritieson20August2008

  Legalframeworknowinplacetoenabletheprojecttomoveforward

  Nextsteps:completionofgeologicalresearchandfeasibilitystudy

9

PROPOSEDACQUISITIONOFFERREXPOSTAKE

  Acquisitionofapproximately25%ofFerrexpoforGBP126.6million(EUR151million)fundedthroughNWR’scurrentcashposition

  Uniqueinvestmentopportunity,atanattractivevaluation,todiversifyNWR’searningsintooneofEurope’slargestironoreresources

  ConsistentwithNWR’sregionalconsolidationstrategy,enhancingitsregionalfootprintandgrowthopportunities

  Expectedtobeearningsaccretiveinthefirstyearpostcompletion

  Subjecttominorityshareholderapproval

CitiEuropeanCreditConference

10

PROPOSEDACQUISITIONOFFERREXPOSTAKE

  AnEGMwillbeconvenedinduecourse

  RPGIisarelatedpartyandwillnotvote

  NWRwillequityaccountitsinterestinFerrexpo

  AcquisitionwillpotentiallyimpactNWR’s2008dividendpayout;treatedasarestrictedpaymentunderthetermsofhighyieldbondIndenture

Restrictedpaymentsbasket EURmlnCurrentbalance 187(-)Ferrexpostake* 151Remainingbalance 36(+)50%ofQ42008netincome [x]Totalconsiderationleftfordividendpayment 36+[x]*AtcurrentGBP/EURexchangerate.Subjecttochange.

CitiEuropeanCreditConference

11

HEALTH&SAFETY

  Thehealthandsafetyofourpeopleisourkeypriority

  Wecontinuetoworkhardtoimprovesafetystandards

CitiEuropeanCreditConference

Losttimeinjuryfrequencyrate

12

OUTLOOK

  Long-termfundamentalsforcokingcoaldemandintheregionremainstrong

  Fullycontractedfortherestof2008

  Averagecokepricein2008expectedtobemodestlylowerthanpreviousguidanceofEUR320/t

  Coalpricenegotiationsfor2009areunderway

–  visibilitypoor

–  expecttocontractallourvolumes

  NWR’soperationsarewellfundedandwecontinuetoreviewourexpenditureprogrammesinordertoensureoptimalscheduling

CitiEuropeanCreditConference

1313

APPENDIX

14

PREFERREDSUPPLIERTOREGION

  Long-termrelationshipswithkeycustomerssupportedbygeographicproximityandgovernedbyframeworkagreements

  Customerproductionfacilitiesconfiguredforthecompany’scoalspecifications

  Abilitytoservecustomerbaseefficientlysupportedbygoodlogisticlinkstoallcustomers

  Regionalbluechipcustomers,includingArcelorMittal,USSteel,Voestalpine,MoraviaSteelandDalkia

  Productionofhighqualitycoalproductsthroughexistingreserves,timelydeliveryandknowledgeofmarkettrends

CitiEuropeanCreditConference

15

REVENUEBREAKDOWNasof31December2007

Cokingcoalcustomers Thermalcoalcustomers

CitiEuropeanCreditConference

16

Source:JTBoyd

Mine Country Reserves(mt) CoalType

Karvina(Lazy&CSA) CzechRep 95 Hardandsemi-hardcoking/ThermalDarkov CzechRep 51 Semi-HardCoking/ThermalPaskov CzechRep 28 HardCokingČSM CzechRep 55 HardCokingTotal 229

ACTIVECOALMINESITESCitiEuropeanCreditConference

17

SALES&PRODUCTIONCoalperformanceindicators(kt)

YTDSep2008

YTDSep2007

Change

Coalproduction 9,408 9,373 0%SalestoOKK (817) (752) 9%Internalconsumption (49) (52) (5%)Salesfromproduction 8,542 8,569 0%(Inventoryincrease)/Sell-off (14) 137Totalnetsales 8,528 8,706 (2%)Cokingcoal 4,885 5,096 (4%)Thermalcoal 3,643 3,610 1%

Cokeperformanceindicators(kt)YTDSep2008

YTDSep2007

Change

Cokeproduction 984 1,000 (2%)Cokesales 907 898 1%

CitiEuropeanCreditConference

18

EBITDABRIDGE

9M2008EBITDA

Coalprice

9M2007EBITDA

CokepriceVolume&salesstructure

Materials&spareparts

Energy

PersonnelOther

CitiEuropeanCreditConference

19

19%

RPGIndustriesSE

RPGGroup

Darkov

Paskov

ČSM

Frenštát

Svoboda

Morcinek

Debiensko

Šverma

CurrentlyoperatingDevelopmentproject

Karvina

FreeFloat

NewWorldResourcesN.V.

64%36%

81%FirstReserveAMCI

SHAREHOLDERSTRUCTURE

OKD,a.s.(CzechCoalBusiness)

KARBONIAPLSp.zo.o.(PolishCoalProjects)

OKD,OKK,a.s.(CokeProduction)

CitiEuropeanCreditConference

20

MiklosSalamonChairman

ZdeněkBakala

AlexKrueger

PeterKadas

ShareholderRepresentatives

Klaus-DieterBeck

MarekJelínek

ExecutiveDirectors Non-ExecutiveNon-IndependentDirectors

HansMende

AuditandRiskManagementCommitteeChairman:BesselKok

RemunerationCommitteeChairman:ZdeněkBakala

FinanceandInvestmentCommittee

Chairman:PeterKadas

Health,SafetyandEnvironmentCommitteeChairman:PaulEverard

RealEstateCommitteeChairman:BarryRourke

Non-ExecutiveIndependentDirectors

BesselKok

Hans-JörgRudloff

StevenSchuit

PaulEverard

BarryRourke

MilanJelinek

ChristiaanNorval

PavelTelička

CORPORATEGOVERNANCESTRUCTURECitiEuropeanCreditConference

21

RESPONSIBILITYTOSOCIETY

  ThemainpillarofNWR'scorporatesocialresponsibilityistheOKDFoundation,whichreceivedagrantofEUR1million

  TheprojectsreceivingsupportareJohanCruyffFoundation(Netherlands)andMulunguziSchoolinMalawi

EUprogramfornon-profitorganisations

Educationandsocietyprogram

Socialandhealthcareprogram

EnvironmentalDevelopmentprogram

CitiEuropeanCreditConference

22

HISTORY

1782 Regularminingactivitiesinthenortheastregionoftoday’sCzechRepubliccommenced

Priorto1946,thehardcoalminingbusinessintheOstravaKarvináregionwasunderthecontrolofseveralcompanies,includingtheSalomonMayerRothschildfamily.

1946 GovernmentoftheformerCzechoslovakianationalizedthehardcoalminingindustry.

Early1990’s StateenterprisesengagedincoalminingwereconvertedintotwojointstockcompaniesOKDandČMD,topreparethemforprivatisation.FormerOKDcomprisedmostoftheminingindustrylocatedintheOstrava‑Karvináregion,whileČMDoperatedhard-coalminesintheKladnoregionandOstrava‑Karvináregion(ČSMinStonava).

1994-1997 40%ofOKDsharesand45%ofČMDsharesrespectivelywereprivatisedthroughavoucherprivatizationprogramandpurchasedbyindividualsandinvestmentfunds.

1998-2004 KarbonInvestacquiredcontrollingstakesinČMDandOKDfromminorityshareholders.AmajoritystakeinMetalimex,acommoditiestrader,wasacquiredbyČMDandK.O.P.,a.s.In1998,FormerOKDpurchasedalloftheoutstandingsharesofK.O.P.,a.s.,amajorityshareholderofMetalimex.

2004 KarbonInvestpurchased46%ofthesharesofOKDfromtheNationalPropertyFundoftheCzechRepublic.Shortlythereafter,KarbonInvestwasacquiredbytheRPGGroup.

2005 Minorityshareholdersboughtout,consolidatingRPG’sholdingsinOKD,ČMDandMetalimex.NewWorldResourcesB.V.wasincorporatedasaDutchprivatelimitedliabilitycompanytoserveastheholdingcompanyforNWR’scoalminingoperations,cokingbusinessandcertainrelatedbusinesses.

May2008 NewWorldResourcesB.V.wasconvertedtoNewWorldResourcesN.V.andlistedontheLondon,WarsawandPragueStockExchanges.

CitiEuropeanCreditConference

23

CautionaryNoteRegardingForward-LookingStatements

Certain statements in this presentation are not historical facts and are “forward-looking”. NWR’sprospects,plans,financialpositionandbusinessstrategy,mayconstituteforward-lookingstatements.Inaddition,forward-lookingstatementsgenerallycanbeidentifiedbytheuseofforward-lookingterminologysuchas“may”,“expect”,“intend”,“estimate”,“anticipate”,“plan”,“foresee”,“believe”or“continue”orthenegativesofthesetermsorvariationsofthemorsimilarterminology. AlthoughNWRbelievesthattheexpectationsreflectedintheseforward-lookingstatementsarereasonable,itcangivenoassurancethattheseexpectationswillprovetohavebeencorrect.

Thispresentationdoesnotconstituteanoffertosellortheutilisationofanoffertobuyanysecurities.