GUJARAT NRE COKING COAL LTD ABN 28 111 244 896 / ACN 111 244 896

POSTAL ADDRESS: PO BOX 281, FAIRY MEADOW, NSW 2519 CORPORATE ADDRESS: LOT 31, 7 PRINCES HIGHWAY, CORRIMAL, NSW 2518

PHONE NO: +61 (02) 4223 6800 FAX: +61 (02) 4283 7368 E-MAIL: gnal@gujaratnre.com.au

28 January 2014 Ms Emma Badhni Market Announcements Office Australian Securities Exchange Level 4, 20 Bridge Street SYDNEY NSW 2000 ASX Code: GNM Dear Ms Emma Please note that the Company has prepared and releasing following unaudited management accounts for a period ending 15 Nov 2013 and quarter ending 31 Dec 2013. The Company is now controlled and managed by Jindal Steel & Power (Mauritius) Limited (JSPL), and these unaudited management accounts are prepared for JSPL Group consolidation. Thank you

Enquiries

Any enquiries regarding the Entitlement Offer should be directed to:

Sanjay Sharma Company Secretary Ph: 02 4223 6830 Fax: 02 4283 7449 Email: ssharma@gujaratnre.com.au

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Gujarat NRE Coking Coal Limited ABN 28 111 244 896

Unaudited Special Purpose Management Accounts- 15th November 2013

Important Note: Accounts prepared and presented here are for a special purpose only. These accounts are not audited or reviewed by the auditors of the Company.

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Gujarat NRE Coking Coal Limited Statement of profit or loss and other comprehensive income For the period ended 15 November 2013

Consolidated 15/11/2013

(for 45 days)

30/09/2013 (for 6

months) $'000 $'000

Revenue 2,692 40,344

Other income - 275

Expenses Cost of sales (9,581) (61,046)Distribution expenses (1,524) (13,585)Administrative expenses (1,535) (11,227)Environmental expenses (190) (4,284)Loss on disposal of assets - (6,408)Net foreign exchange loss unrealised (4,807) (40,512)Finance costs (2,095) (11,158)

Loss before income tax expense (17,040) (107,601)

Income tax expense - -

Less loss for post acquisition for the period between 16/11/13 to 30/11/13 4,260 -

Loss after income tax expense and post acquisition for the period attributable to the owners of Gujarat NRE Coking Coal Limited (12,780) (107,601)

Other comprehensive income

Items that may be reclassified subsequently to profit or loss Gain/(loss) on revaluation of available-for-sale financial assets - 150 Income tax on item of other comprehensive income - (45)

Other comprehensive income for the period, net of tax - 105

Total comprehensive income for the period attributable to the owners of Gujarat NRE Coking Coal Limited (12,780) (107,496)

Unaudited Special Purpose Management Accounts- 15th November 2013 Page 1 of 9

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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15/11/2013 30/09/2013$'000 $'000

11,902 25,270 80,570 73,197 17,782 14,987

110,254 113,454

2,970 2,970733,732 726,612

360 360376 376

737,438 730,318

847,692 843,772

133,534 169,274 329,228 329,228 59,367 66,301

199 19913,362 13,785

535,690 578,787

62,181 68,084 10,910 10,910 15,868 15,868 88,959 94,862

624,649 673,649

223,043 170,123

705,334 639,634 21,397 21,397

(503,688) (490,908)

223,043 170,123

Gujarat NRE Coking Coal LimitedStatement of financial positionAs at 15 November 2013

Consolidated

Trade and other payablesBorrowings

Derivative financial instrumentsProvisions

Total assets

Issued capitalEquity

Non-current liabilities

Bonds

Total non-current liabilities

Net assets

Borrowings

Total equity

Accumulated losses

Trade and other receivablesInventories

Total current liabilities

Working capital facilities from banks

Current liabilities

Non-current assets

Total current assets

Available-for-sale financial assets

Current assets

Assets

Cash and cash equivalents

Reserves

Property, plant and equipmentExploration and licensesDeposits

Restoration guarantee

Total liabilities

Liabilities

Total non-current assets

The above statement of financial position should be read in conjunction with the accompanying notes

Unaudited Special Purpose Management Accounts- 15th November 2013 Page 2 of 9F

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Totalequity

$'000 $'000 $'000 $'000

639,634 20,871 (383,307) 277,198

- - (107,601) (107,601)

- - - 105 - 105

- - - 105 (107,601) (107,496)

- 421 - 421

- - 639,634 21,397 (490,908) 170,123

Totalequity

$'000 $'000 $'000 $'000

639,634 21,397 (490,908) 170,123

- - (12,780) (12,780)

- - - - - -

- - - - (12,780) (12,780)

65,700 - - 65,700

- - 705,334 21,397 (503,688) 223,043

Reserves profitsRetained

capitalIssued

ReservesAccumulated

losses

ConsolidatedBalance at 1 April 2013

Loss after income tax expense for the period

Total comprehensive income for the period

Share-based payments

Balance at 30 September 2013

Consolidated

Transactions with owners in their capacity as owners:

Gujarat NRE Coking Coal Limited

For the period ended 15 November 2013Statement of changes in equity

Other comprehensive income for the period, net of tax

Issuedcapital

Other comprehensive income for the period, net of tax

Loss after income tax expense for the period

Total comprehensive income for the period

Balance at 1 October 2013

Contributions of equity, net of transaction costs

Balance at 15 November 2013

Transactions with owners in their capacity as owners:

The above statement of changes in equity should be read in conjunction with the accompanying notes

Unaudited Special Purpose Management Accounts- 15th November 2013 Page 3 of 9F

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15/11/2013 (for 45 days)

30/09/2013 (for 6

months)$'000 $'000

2,666 40,233

26 111

2,692 40,344

15/11/2013 (for 45 days)

30/09/2013 (for 6

months)$'000 $'000

- 275

15/11/2013 30/09/2013$'000 $'000

11,902 25,270

Calculation 2. Other income

Net foreign exchange gain

Consolidated

Calculation 3. Current assets - cash and cash equivalents

Consolidated

Cash at bank

Other revenue

Revenue

Calculation 1. Revenue

Other income

Revenue

Consolidated

Gujarat NRE Coking Coal LimitedCalculations15 November 2013

Sales revenue

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Gujarat NRE Coking Coal LimitedCalculations15 November 2013

15/11/2013 30/09/2013$'000 $'000

32,162 38,154 3,027 3,293

14,650 21,480 17,524 6,72913,207 3,541

80,570 73,197

15/11/2013 30/09/2013$'000 $'000

3,516 3,59514,266 11,392

17,782 14,987

15/11/2013 30/09/2013$'000 $'000

2,850 2,850120 120

2,970 2,970

Consolidated

Calculation 5. Current assets - inventories

Stores and consumables

Consolidated

Bills discounted against receivable from GNCL

Trade receivables

Calculation 4. Current assets - trade and other receivables

Other receivables

ROM coal stock

Loans to GNCL and associatesPrepayment

Port Kembla Coal TerminalShree Minerals Limited

Calculation 6. Non-current assets - available-for-sale financial assets

Consolidated

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Gujarat NRE Coking Coal LimitedCalculations15 November 2013

15/11/2013 30/09/2013$'000 $'000

43,202 43,202 43,202 43,202

2,810 2,330 (197) (197)

2,613 2,133

253,902 254,518 (61,266) (57,904)192,636 196,614

545,511 532,924 (249,763) (247,794)295,748 285,130

376,974 376,974 (219,566) (219,566)157,408 157,408

15,242 15,242 (2,898) (2,898)12,344 12,344

58,708 58,708 (28,927) (28,927)29,781 29,781

733,732 726,612

15/11/2013 30/09/2013$'000 $'000

5,600 5,600 (5,240) (5,240)

360 360

Deferred restoration - at costLess: Accumulated depreciation

Pre-production expenses

Less: Accumulated depreciation

Less: Accumulated depreciation

Less: Accumulated depreciation

Plant and equipment - at cost

Land - at cost

Opening value

Consolidated

Impairment

Calculation 7. Non-current assets - property, plant and equipment

Calculation 8. Non-current assets - exploration and licenses

Less: Accumulated depreciationMining lease - at cost and valuation

Mine development - at cost

Less: Accumulated depreciation

Buildings - at cost

Consolidated

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Gujarat NRE Coking Coal LimitedCalculations15 November 2013

15/11/2013 30/09/2013$'000 $'000

376 376

15/11/2013 30/09/2013$'000 $'000

86,136 67,839 19,901 26,610 27,497 74,825

133,534 169,274

15/11/2013 30/09/2013$'000 $'000

329,228 329,228

15/11/2013 30/09/2013$'000 $'000

14,650 21,480 24,262 24,262 20,455 20,559

59,367 66,301

15/11/2013 30/09/2013$'000 $'000

199 199

State Bank of India working capital loan

Bills discounted with State Bank of India

Consolidated

Accruals and others

Consolidated

Trade payables

Other payables

Calculation 10. Current liabilities - trade and other payables

NRE No. 1 Colliery Trust Funds

Calculation 9. Non-current assets - deposits

Bank loans

Consolidated

Consolidated

Consolidated

Bank of Baroda working capital loan

Calculation 12. Current liabilities - working capital facilities from banks

Calculation 13. Current liabilities - derivative financial instruments

Calculation 11. Current liabilities - borrowings

Interest rate swap contracts

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Gujarat NRE Coking Coal LimitedCalculations15 November 2013

15/11/2013 30/09/2013$'000 $'000

13,362 13,785

15/11/2013 30/09/2013$'000 $'000

62,181 68,084

15/11/2013 30/09/2013$'000 $'000

6,924 6,924 3,986 3,986

10,910 10,910

15/11/2013 30/09/2013$'000 $'000

15,454 15,454 272 272 142 142

15,868 15,868

15/11/2013 30/09/2013$'000 $'000

705,334 639,634

Restoration of mine siteRestoration liability unwinding

Consolidated

Consolidated

Calculation 18. Equity - issued capital

Consolidated

Calculation 15. Non-current liabilities - borrowings

Calculation 14. Current liabilities - provisions

Consolidated

Ordinary shares - fully paid

Employee benefits

Bank loans

Fully convertible bonds - 8%

Consolidated

Calculation 16. Non-current liabilities - bonds

Restoration guarantees

Calculation 17. Non-current liabilities - restoration guarantee

Accumulated interest on the above

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Gujarat NRE Coking Coal LimitedCalculations15 November 2013

15/11/2013 30/09/2013$'000 $'000

840 840 2,356 2,356

18,201 18,201

21,397 21,397

15/11/2013 (for 45 days)

30/09/2013 (for 6

months)$'000 $'000

(490,908) (383,307)(12,780) (107,601)

(503,688) (490,908)

Loss after income tax expense for the period

Consolidated

Accumulated losses at the end of the financial period

Bonds reserveAvailable-for-sale reserve

Share-based payments reserve

Calculation 19. Equity - reserves

Accumulated losses at the beginning of the financial period

Calculation 20. Equity - accumulated losses

Consolidated

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Gujarat NRE Coking Coal Limited ABN 28 111 244 896

Unaudited Quarterly Management Accounts – 31st December 2013

Unaudited Quarterly Management Accounts – 31st December 2013 Page 1 of 10

Important Note: Accounts prepared and presented here are for a special purpose only. These accounts are not audited or reviewed by the auditors of the Company.

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31/12/2013 (for 3

months)

30/09/2013 (for 6

months)$'000 $'000

7,722 40,344

- 275

(16,694) (61,046)(2,839) (13,585)(2,720) (11,227)

(520) (4,284) - (6,408)

(6,765) (40,512)(7,197) (11,158)

(29,013) (107,601)

- -

(29,013) (107,601)

(210) 150 - (45)

(210) 105

(29,223) (107,496)

Gain/(loss) on revaluation of available-for-sale financial assetsItems that may be reclassified subsequently to profit or loss

Loss after income tax expense for the period attributable to the owners of Gujarat NRE Coking Coal Limited

Income tax expense

Other income

Revenue

Net foreign exchange loss unrealisedLoss on disposal of assets

Finance costs

Other comprehensive income

Gujarat NRE Coking Coal Limited

For the period ended 31 December 2013Statement of profit or loss and other comprehensive income

Consolidated

Cost of salesDistribution expenses

Environmental expenses

Expenses

Administrative expenses

Loss before income tax expense

Other comprehensive income for the period, net of tax

Total comprehensive income for the period attributable to the owners of Gujarat NRE Coking Coal Limited

Income tax on item of other comprehensive income

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

Unaudited Quarterly Management Accounts – 31st December 2013 Page 2 of 10F

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31/12/2013 30/09/2013$'000 $'000

21,682 25,270 86,260 73,197 17,240 14,987 1,217 -

126,399 113,454

2,670 2,970744,103 726,612

360 360376 376

747,509 730,318

873,908 843,772

108,142 169,274 345,778 329,228 49,806 66,301

199 19913,928 13,785

517,853 578,787

64,398 68,084 10,910 10,910 15,995 15,868 91,303 94,862

609,156 673,649

264,752 170,123

763,486 639,634 21,187 21,397

(519,921) (490,908)

264,752 170,123

Reserves

Property, plant and equipmentExploration and licensesDeposits

Restoration guarantee

Total liabilities

Liabilities

Total non-current assets

Current assets

Assets

Cash and cash equivalents

Deposits

Accumulated losses

Trade and other receivablesInventories

Total current liabilities

Working capital facilities from banks

Current liabilities

Non-current assets

Total current assets

Available-for-sale financial assets

Total equity

Bonds

Total non-current liabilities

Net assets

Borrowings

Gujarat NRE Coking Coal LimitedStatement of financial positionAs at 31 December 2013

Consolidated

Trade and other payablesBorrowings

Derivative financial instrumentsProvisions

Total assets

Issued capitalEquity

Non-current liabilities

The above statement of financial position should be read in conjunction with the accompanying notes

Unaudited Quarterly Management Accounts – 31st December 2013 Page 3 of 10F

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Totalequity

$'000 $'000 $'000 $'000

639,634 20,871 (383,307) 277,198

- - (107,601) (107,601)

- - - 105 - 105

- - - 105 (107,601) (107,496)

- 421 - 421

- - 639,634 21,397 (490,908) 170,123

Totalequity

$'000 $'000 $'000 $'000

639,634 21,397 (490,908) 170,123

- - (29,013) (29,013)

- - - (210) - (210)

- - - (210) (29,013) (29,223)

123,852 - - 123,852

- - 763,486 21,187 (519,921) 264,752

Transactions with owners in their capacity as owners:

Balance at 31 December 2013

Contributions of equity, net of transaction costs

Issuedcapital

Other comprehensive income for the period, net of tax

Loss after income tax expense for the period

Total comprehensive income for the period

Balance at 1 October 2013

Gujarat NRE Coking Coal Limited

For the period ended 31 December 2013Statement of changes in equity

Other comprehensive income for the period, net of tax

Loss after income tax expense for the period

Total comprehensive income for the period

Share-based payments

Balance at 30 September 2013

Consolidated

Transactions with owners in their capacity as owners:

Reserves profitsRetained

capitalIssued

ReservesAccumulated

losses

ConsolidatedBalance at 1 April 2013

The above statement of changes in equity should be read in conjunction with the accompanying notes

Unaudited Quarterly Management Accounts – 31st December 2013 Page 4 of 10F

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31/12/2013 (for 3

months)

30/09/2013 (for 6

months)$'000 $'000

7,673 40,233

49 111

7,722 40,344

31/12/2013 (for 3

months)

30/09/2013 (for 6

months)$'000 $'000

- 275

31/12/2013 30/09/2013$'000 $'000

21,682 25,270

Sales revenue

Calculations31 December 2013

Gujarat NRE Coking Coal Limited

Calculation 1. Revenue

Other income

Revenue

Consolidated

Other revenue

Revenue

Calculation 3. Current assets - cash and cash equivalents

Consolidated

Cash at bank

Consolidated

Net foreign exchange gain

Calculation 2. Other income

Unaudited Quarterly Management Accounts – 31st December 2013 Page 5 of 10F

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Calculations31 December 2013

Gujarat NRE Coking Coal Limited

31/12/2013 30/09/2013$'000 $'000

36,610 38,154 3,479 3,2935,090 21,480

27,181 6,72913,900 3,541

86,260 73,197

31/12/2013 30/09/2013$'000 $'000

3,721 3,59513,519 11,392

17,240 14,987

31/12/2013 30/09/2013$'000 $'000

1,217 -

31/12/2013 30/09/2013$'000 $'000

2,550 2,850120 120

2,670 2,970

Shree Minerals Limited

Calculation 7. Non-current assets - available-for-sale financial assets

Consolidated

Loans to GNCL and associatesPrepayment

Port Kembla Coal Terminal

ROM coal stock

Other receivables

Consolidated

Calculation 6. Current assets - deposits

Calculation 4. Current assets - trade and other receivables

Trade receivables

Bills discounted against receivable from GNCL

Security deposits

Consolidated

Calculation 5. Current assets - inventories

Stores and consumables

Consolidated

Unaudited Quarterly Management Accounts – 31st December 2013 Page 6 of 10F

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Calculations31 December 2013

Gujarat NRE Coking Coal Limited

31/12/2013 30/09/2013$'000 $'000

43,202 43,202 43,202 43,202

2,810 2,330(218) (197)

2,592 2,133

259,056 254,518 (62,926) (57,904)196,130 196,614

553,393 532,924 (250,649) (247,794)302,744 285,130

376,974 376,974 (219,584) (219,566)157,390 157,408

15,242 15,242 (2,962) (2,898)12,280 12,344

58,708 58,708 (28,943) (28,927)29,765 29,781

744,103 726,612

31/12/2013 30/09/2013$'000 $'000

5,600 5,600(5,240) (5,240)

360 360

Consolidated

Buildings - at cost

Mine development - at cost

Less: Accumulated depreciation

Less: Accumulated depreciationMining lease - at cost and valuation

Calculation 9. Non-current assets - exploration and licenses

Calculation 8. Non-current assets - property, plant and equipment

ImpairmentOpening value

Consolidated

Land - at cost

Less: Accumulated depreciation

Plant and equipment - at cost

Pre-production expenses

Less: Accumulated depreciation

Less: Accumulated depreciation

Deferred restoration - at costLess: Accumulated depreciation

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Calculations31 December 2013

Gujarat NRE Coking Coal Limited

31/12/2013 30/09/2013$'000 $'000

376 376

31/12/2013 30/09/2013$'000 $'000

65,326 67,839 23,904 26,610 18,912 74,825

108,142 169,274

31/12/2013 30/09/2013$'000 $'000

345,778 329,228

31/12/2013 30/09/2013$'000 $'000

5,090 21,480 24,262 24,262 20,454 20,559

49,806 66,301

31/12/2013 30/09/2013$'000 $'000

199 199

Calculation 13. Current liabilities - working capital facilities from banks

Calculation 14. Current liabilities - derivative financial instruments

Calculation 12. Current liabilities - borrowings

Interest rate swap contracts

Consolidated

Consolidated

Bank of Baroda working capital loan

Calculation 10. Non-current assets - deposits

Bank loans

Consolidated

NRE No. 1 Colliery Trust Funds

Calculation 11. Current liabilities - trade and other payables

Other payables

Trade payablesAccruals and others

Consolidated

Bills discounted with State Bank of India

Consolidated

State Bank of India working capital loan

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Calculations31 December 2013

Gujarat NRE Coking Coal Limited

31/12/2013 30/09/2013$'000 $'000

13,928 13,785

31/12/2013 30/09/2013$'000 $'000

64,398 68,084

31/12/2013 30/09/2013$'000 $'000

6,924 6,9243,986 3,986

10,910 10,910

31/12/2013 30/09/2013$'000 $'000

15,454 15,454 272 272269 142

15,995 15,868

31/12/2013 30/09/2013$'000 $'000

763,486 639,634

Restoration guarantees

Calculation 18. Non-current liabilities - restoration guarantee

Accumulated interest on the above

Consolidated

Calculation 17. Non-current liabilities - bonds

Fully convertible bonds - 8%

Bank loans

Employee benefits

Ordinary shares - fully paid

Calculation 15. Current liabilities - provisions

Consolidated

Calculation 16. Non-current liabilities - borrowings

Consolidated

Consolidated

Calculation 19. Equity - issued capital

Restoration of mine siteRestoration liability unwinding

Consolidated

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Calculations31 December 2013

Gujarat NRE Coking Coal Limited

31/12/2013 30/09/2013$'000 $'000

630 8402,356 2,356

18,201 18,201

21,187 21,397

31/12/2013 (for 3

months)

30/09/2013 (for 6

months)$'000 $'000

(490,908) (383,307)(29,013) (107,601)

(519,921) (490,908)

Accumulated losses at the beginning of the financial period

Calculation 21. Equity - accumulated losses

Consolidated

Share-based payments reserve

Calculation 20. Equity - reserves

Bonds reserveAvailable-for-sale reserve

Accumulated losses at the end of the financial period

Loss after income tax expense for the period

Consolidated

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