RESOURCES AND RESERVES JANUARY 2014

Investor Presentation | April 2013 | 2 A.1RESOURCE ESTIMATES Resources are inclusive of reserves. All resources and reserves quoted in this presentation are reported in terms as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” as published by the Joint Ore reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (“JORC”) AreaMeasured Resource (Mt)Indicated Resources (Mt)Inferred Resources (Mt)Total Resources (Mt) Escarpment Cascade Deep Creek Coalbrookdale Whareatea West South Buller Totals Millerton North North Buller Blackburn North Buller Totals Buller Coal Project Totals Coaldale Ohai New Brighton * Canterbury Coal * Southland / Canterbury Totals Total

Investor Presentation | April 2013 | 3 Area Measured resource (Mt) Ash% (ad) Sulphur % (ad) Calorific Value (ad) CSN Fixed Carbon % (ad) Volatile Matter % (ad) Inherent Moisture IN SITU Moisture Escarpment Cascade Deep Creek Coalbrookdale- Whareatea West Millerton North North Buller Blackburn- Coaldale N/A Ohai N/A New Brighton- Canterbury- A.2AVERAGE COAL QUALITY MEASURED * MC = metallurgical coal and TC = thermal coal

Investor Presentation | April 2013 | 4 Area Indicated resource (Mt) Ash% (ad) Sulphur % (ad) Calorific Value (ad) CSN Fixed Carbon % (ad) Volatile Matter % (ad) Inherent Moisture IN SITU Moisture Escarpment Cascade Deep Creek Coalbrookdale Whareatea West Millerton North North Buller Blackburn Coaldale N/A Ohai N/A New Brighton N/A Canterbury N/A A.3AVERAGE COAL QUALITY - INDICATED

Investor Presentation | April 2013 | 5 Area Inferred resource (Mt) Ash% (ad) Sulphur % (ad) Calorific Value (ad) CSN Fixed Carbon % (ad) Volatile Matter % (ad) Inherent Moisture IN SITU Moisture Escarpment Cascade Deep Creek Coalbrookdale Whareatea West Millerton North North Buller Blackburn Coaldale N/A Ohai N/A New Brighton N/A Canterbury N/A A.4AVERAGE COAL QUALITY - INFERRED

Investor Presentation | April 2013 | 6 A.5RESERVES AreaProved reserves (Mt)Probable reserves (Mt)Total reserves (Mt) Escarpment Cascade Deep Creek Coalbrookdale-2.2 Whareatea West Total AreaProved reserves (Mt)Probable reserves (Mt)Total reserves (Mt) Escarpment Cascade Deep Creek Coalbrookdale Whareatea West Total ROM COAL PRODUCT COAL All reserves quoted are reported as November 2013 in terms as defined in the JORC Code Reserves tonnes for product coal are reported using a 12% in situ moisture for Escarpment, Cascade, Coalbrookdale and Whareatea West and 15% in situ moisture for Deep Creek.

Investor Presentation | April 2013 | 7 A.6RESERVES COAL QUALITY AreaTotal (Mt)Total moistureAsh (% arb) Sulphur (% arb) VM (% arb)CSN Escarpment Cascade Deep Creek Coalbrookdale Whareatea West ROM COAL All reserves quoted are reported as November 2013 in terms as defined in the JORC Code Reserves tonnes for product coal are reported using a 12% in situ moisture for Escarpment, Cascade, Coalbrookdale and Whareatea West and 15% in situ moisture for Deep Creek. PRODUCT COAL AreaTotal (Mt)Ash (% arb) Sulphur (% arb) VM (% arb)CSN Escarpment Cascade Deep Creek (Coking) Deep Creek (Thermal) Coalbrookdale Whareatea West

Investor Presentation | April 2013 | 8 COMPETENT PERSON STATEMENTS The information in this presentation that relates to mineral resources and reserves for Deep Creek is based on information compiled by Adam Bonham-Carter a Competent Person who is a full time employee of Golder Associates (NZ) Limited and is a member of the Australasian Institute of Mining and Metallurgy. Mr Bonham-Carter graduated with B.Sc and M.Sc degrees in Mining Engineering from Queen’s University, Canada, and is a member of the Association of Professional Engineers and Geoscientists of British Columbia. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bonham- Carter consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. This presentation accurately reflects the information compiled by the Competent Person. The information in this presentation that relates to mineral reserves for Escarpment, Cascade, Coalbrookdale and Whareatea West is based on information compiled by Ainsley Ferrier a Competent Person who is a full time employee of Buller Coal Limited and is a member of the Australasian Institute of Mining and Metallurgy. Ms Ferrier holds a Bachelor of Engineering (Mining) from the University of Queensland and has worked for the last two years for Buller Coal Limited in a mine planning role. Prior to that, she spent over seven years working in large open cut coal mines in Queensland and New South wales in a mine planning capacity. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Ferrier consents to the inclusion in this presentation of the matters based on her information in the form and context in which it appears. This presentation accurately reflects the information compiled by the Competent Person. The information in this presentation that relates to exploration results and mineral resources for Escarpment, Cascade, Coalbrookdale, Whareatea West, Millerton North, North Buller, Blackburn, Coaldale, Canterbury Coal, New Brighton and Ohai is based on information compiled by Hamish McLauchlan a Competent Person who is a full time employee of Buller Coal Limited and is a member of the Australasian Institute of Mining and Metallurgy. Mr McLauchlan has a B.Sc and M.Sc (Hons) majoring in geology from Canterbury University, and has had 19 years of experience in the mineral resource industry in New Zealand and offshore. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr McLauchlan consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears above. This presentation accurately reflects the information compiled by the Competent Person.