Disclaimer. No offer of securities This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities.

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2 Disclaimer Forward looking statements Certain statements in this document are not historical facts and are or are deemed to be forward-looking. NWR s prospects, plans, financial position and business strategy, and statements pertaining to the capital resources, future expenditure for development projects, results of operations, may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology including, but not limited to; may, expect, intend, estimate, anticipate, plan, foresee, will, could, may, might, believe or continue or the negatives of these terms or variations of them or similar terminology. Although NWR believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These forward-looking statements involve a number of risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied in these forward-looking statements because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond NWR s ability to control or predict. Forward-looking statements are not guarantees of future performance. Except as required by applicable regulations or by law, NWR does not undertake any obligation to publicly update or revise any forward-looking statements whether as a result of new information or future events. No offer of securities This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities. Reliance on third party information The information contained and/or views expressed herein may contain and/or be based on information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of such information. 2

3 Agenda Performance overview Financial overview Outlook 3

4 PERFORMANCE OVERVIEW

5 P&L Financial (continuing summary operations) 1 Revenues of EUR 286 million, down 17% y-o-y. Revenues Coking coal average realised price of EUR 93/t, up 7% y-o-y; Thermal coal average realised price of EUR 52/t, down 10% y-o-y % 286 Cash mining unit costs 1 of EUR 71/t, up 11% on 20% lower production. On target for mid EUR 60 s for FY Selling and administrative expenses down 26% to EUR 53 million. EBITDA of EUR 3 million. Non-cash gain of EUR 49 million on fair value revaluation of mandatory convertible notes booked in Q Basic earnings per A share of 0.17 eurocents. Net debt of EUR 286 million, including cash of EUR 89 million as of 30 June Cash mining unit costs EUR/t EBITDA % - 86% 3 1 Cash mining costs per tonne reflect the operating costs incurred in production of both coking and thermal coal. They are principally calculated by deducting the Change in inventories and D&A from the Cost of sales and then divided by total coal production. Further non-cash adjustments to Cost of sales may apply in the calculation. 5

6 P&L Operational (continuing summary operations) 1 Operations LTIFR 1 of 5.54, improvement of 32% vs. FY LTIFR 1 LTIs per million hours Coal production of 3.6Mt, down 20%, and coal sales of 3.3Mt, down 17% y-o-y. Coal sales mix of 62% coking coal and 38% thermal coal % 2014 H CAPEX of EUR 22 million, down 11% y-o-y. Coal Inventory of 938kt, up 9% y-o-y. Total headcount including contractors down 4% y-o-y. Steel markets Steel production in the CE6 2 up 3% y-o-y. World steel capacity utilisation ratio at ca. 72%. Steel production in CE6 2 Mt Global utilisation ratio of 65 countries (RHS) % 20 1 Lost Time Injury Frequency Rate ( LTIFR ) represents the number of reportable injuries in NWR s operations causing at least three days of absence per million hours worked including contractors. 2 Refers to Germany, Austria, Czech Republic, Slovakia, Poland and Hungary Source: World Steel Association Steel production in NWR's relevant markets (LHS) Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q

7 FINANCIAL OVERVIEW

8 P&L 1 (continuing operations) 1 H H Chg Revenues (17%) Cost of sales (15%) Excluding Change in inventories (15%) Gross profit (30%) Selling and administrative expenses (26%) EBITDA 3 19 (86%) Operating loss (20) (23) - Net financial expenses 32 (33) - Capital restructuring - (10) - Income tax benefit / (expense) Profit / (Loss) for the period 13 (57) - Basic earnings / (loss) per A share (eurocents) 0.17 (7.25) - Net cash flow from operations 2 (16) (40) - CAPEX (11%) Average EUR/CZK % 1 The full disclosure including consolidation adjustments and eliminations is presented in the latest Operating and Financial Review. 2 Cash flow from operations after working capital changes, interest payments and taxes. 8

9 P&L Pricing (continuing 1 operations) 1 Coking coal 2 EUR/t NWR quarterly realised blended CC (EXW) International PHCC benchmark contract (FOB Australia) MVHCC spot (FOB Australia) SSCC spot (FOB Australia) Source: NWR, Platts Thermal coal EUR/t NWR yearly TC blended price (EXW) Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q e e Last data point for seaborne spot prices are until 5 August NWR s final realised prices can be influenced by a range of factors including, but not limited to, exchange rate fluctuations, quality mix, timing of the deliveries and flexible provisions in the individual agreements. Thus, the actual realised price for the period may differ from the average agreed prices previously announced. All of the forward-looking price guidance for 2015 is based on an exchange rate of EUR/CZK of Prices are expressed as a blended average between the different qualities of coal and coke and are ex-works. 2 PHCC: premium hard coking coal; MVHCC: mid-volatility hard coking coal; SSCC: semi-soft coking coal. 3 Agreed price, which applies to approx. 74% of expected production. 9

10 P&L EBITDA (continuing operations) H EBITDA Coal prices Coal volumes Coal mix Change in inventories Cost of sales (excl. inventories) Other H EBITDA 10

11 Coking coal revenues P&L Operating (continuing review operations) 1 1 Thermal coal revenues - 13% - 23% 65 Cash mining unit costs 4 EUR/t % + 12% ex-fx 71 4,497kt - 20% 3,612kt Production Selling & administrative costs 71-26% 53 Volumes and prices 2 Volumes and prices 3 kt H H Inventory levels (eop) EBITDA 2,544kt 1,475kt 2,080kt 1,251kt - 18% - 15% EUR 93/t EUR 58/t + 7% - 10% EUR 87/t EUR 52/t % 19-86% 3 1 More information can be found in the latest Operating and Financial Review. 2 In H approx. 57% of coking coal sales were mid-volatility hard coking coal, 30% were semi-soft coking coal and 13% were PCI coking coal. 3 In H approx. 70% of thermal coal sales were thermal coal and 30% middlings. 4 Cash mining costs per tonne reflect the operating costs incurred in production of both coking and thermal coal. They are principally calculated by deducting the Change in inventories and D&A from the Cost of sales and then divided by total coal production. Further non-cash adjustments to Cost of sales may apply in the calculation. 11

12 P&L Financial (continuing position operations) 1 H Net debt development Jan Net Debt Cashflow from operations Interest CAPEX Capital restructuring FV revaluation and Other Jun Net Debt Q Cash development Debt maturity profile Senior Secured Notes ECA Loan Apr Cash Cashflow from operations Interest CAPEX Jun Cash EUR 35 million Super Senior Credit Facility not included. 12

13 OUTLOOK

14 2015 prices and targets Prices 1 Average price for 74% of 2015 expected coking coal production agreed at EUR 93/t. Average price for thermal coal production agreed at EUR 52/t. Production Coal production of Mt. Sales Sales volume of 8.0Mt. 60% coking coal in the sales mix. Costs Cash mining unit costs of around EUR 65 per tonne. CAPEX CAPEX of EUR million. Safety Improvement in LTIFR towards target of below 5. 1 NWR s final realised prices can be influenced by a range of factors including, but not limited to, exchange rate fluctuations, quality mix, timing of the deliveries and flexible provisions in the individual agreements. Thus, the actual realised price for the period may differ from the average agreed prices previously announced. All of the forward-looking price guidance for 2015 is based on an exchange rate of EUR/CZK of Prices are expressed as a blended average between the different qualities of coal and coke and are ex-works. 14

15 Europe s leading miner and marketer of coking coal by 2017 in a safe and sustainable way Expand reserves and resources. Develop Debiensko / Morcinek. Explore new opportunities. New Business Development Sales & Marketing Enhance marketing capabilities. Achieve import parity pricing. Build Supplier of Choice. Develop trading strategy. Efficiency & Safety Cash mining unit costs in mid EUR 60 s. Annual CAPEX below EUR 50 million. Coking coal above 60% of coal sales. LTIFR below 5. 15

16 2015 Financial calendar 9M Results 19 November Investor and Media Contact Radek Nemecek Subscribe to alerts at 16