Striking COAL PIKE RIVER COAL LIMITED ANNUAL REVIEW 2008 CONTENTS 1 Chairman’s Overview 2 Chief Executive’s Annual Review 2 Breakthrough to coal imminent 3 How we got there 5 It’s all about people 6 Our coal is special 7 What happens next 9 How we protect the environment 11 Return on investment 12 The money 13 Board of Directors 14 Management Team 15 Current Pike River Sponsorships 16 Corporate Directory ii PIKE RIVER COAL LIMITED Annual Review 2008 Chairman’s OVERVIEW

Pike River Coal is coming on stream at an opportune time. Few would have imagined when we launched the prospectus for Pike River’s initial public offering, just over a year ago, that the price of premium hard coking coal would have tripled to US$300 per tonne by the time production begins. Furthermore white-hot coking coal markets, driven by strong demand from China and India, are likely to keep coking coal prices higher than earlier “We expect to forecasts over the next few years. have coal on Development of the site is now approaching completion and the access tunnel is just metres away from the Brunner Seam after two years of its way to our tunnelling under the Paparoa Ranges. This has been more difficult than we had anticipated, but the important task of developing working faces in the coal seam customers in is to commence very soon. We expect to have coal on its way to our customers in the first quarter the first quarter of 2009. As we approach commercial operations I would like to pay tribute to the of 2009” professionalism and commitment of Pike River staff and our construction contractors for achieving mine construction completion without serious incident or mishap. Pike River has set itself high standards for safety and the safety record during construction has been commendable. Pike River’s coal reserves are located in a challenging environmental setting because the mine is under Crown conservation land. Particular effort has been made by Pike River to deliver a positive environmental outcome through effective environmental management at the mine site. We enjoy good working relationships with the Department of Conservation, local iwi and the regional and local authorities who are all important stakeholders in Pike River’s business. When the company sought the support of and Australian investors during the public offering last year, I remarked that Pike River provided a unique opportunity to invest in the only New Zealand-based listed coal mining and export company. We are about to begin delivering on that investment opportunity.

John Dow Chairman Pike River Coal Limited

1 CHIEF EXECUTIVE’S ANNUAL REVIEW

Breakthrough TO COAL IMMINENT Premium hard coking coal production from the Pike River mine is very close. The much anticipated breakthrough to coal by Pike River is imminent, with the access tunnel just metres away from reaching the target seam of premium hard coking coal deep in the Paparoa Ranges. This watershed moment will come after a complex and challenging development phase lasting more than 2 years. Tunnelling through 2,300 metres of rock started on 21 September 2006 to reach the estimated recoverable resource of 18 million tonnes of high quality hard coking coal in the Brunner seam. Cutting a tunnel 5 metres wide and 4.5 metres high, into rock 4 times as hard as concrete for more than 2 kilometres, has been a major engineering project. An already tough job was made more difficult by the need to cross under the Pike stream three times and to cut through a technically challenging major fault just 200 metres from the coal seam. The Hawera fault of crushed rock, 26 metres wide, was caused by an ancient earth movement which lifted the eastern side of the Paparoa Range 1,000 metres higher than “Pike River the west. Contrary to prior expectations, tunnelling through the fault itself in July and will become August 2008 went relatively smoothly, with essentially no water and little gas to manage. Variable rock conditions once through the fault, which resulted in some further delay, New Zealand’s have now nearly been overcome. second largest One major hurdle during tunnel construction was that the rock was significantly more fractured than expected. Extensive roof support in the form of shotcreting export coal and roofbolting was required to ensure tunnel stability. Innovative solutions were employed such as the use of a robotic shotcrete machine to speed up shotcrete mine when at application and synthetic fibres to improve shotcrete strength. full production These unforeseeable underground conditions added $20 million to the tunnelling around budget when reforecast in September 2007. It’s testament to the skills and fortitude of Pike River’s management team and mid-2009” contractors that the difficult tunnelling conditions, and final hurdle of cutting through a major fault, are within metres of being overcome. This was recognised by New Zealand’s contracting industry when the tunnelling contractor, McConnell Dowell, won first place in the NZ Contractors Federation awards in August 2008 for projects of $20m and over. The Brunner seam holds the largest-known deposit of premium hard coking coal in the country and Pike River will become New Zealand’s second largest export coal mine when at full production around mid-2009.

2 PIKE RIVER COAL LIMITED Annual Review 2008 How we GOT THERE The Pike River mine development has been a complex and challenging project taking more than two years to develop. Factors contributing to the challenge included: • access to the coal deposit in a remote valley was difficult • the coal is under Department of Conservation administered land, with part of it under the Paparoa National Park • the mine needed a range of resource consents • minerals and resources are enjoying an international boom creating cost pressures and difficulties in sourcing staff and mining equipment • a coal export transport solution was required. Through a combination of good design and planning, and careful execution of works, these challenges have largely been met and overcome. In the period since release of the 2007 annual report, Pike River has achieved the following: • tunnelling completed through 906.5 metres1 of rock to access coal • tunnelling completed in the pit-bottom (eastern side) of an additional 471 metres in rock • traversing the Hawera fault • coal preparation plant completed • coal slurry pipeline installed • major mining equipment constructed • ventilation shaft site underway • ordering of hydro equipment 90% complete • coal loadout facility underway • 66 additional staff recruited • a coal transport solution to Lyttelton through for life of mine.

1 As at 29 Sep 2008 Coal slurry pipeline installed along access road

3 CHIEF EXECUTIVE’S ANNUAL REVIEW

In achieving the positive outcomes with the mine development, Pike River has “In achieving employed industry best practice safety and environmental management. No serious harm accidents and no incidents resulting in environmental effects occurred during the positive the entire construction process. Over 600 safety and environmental inductions were conducted for employees and contractors, who have spent more than 440,000 man outcomes hours (250 years) on the development to date. Also integral to achieving positive outcomes is adoption of a framework of planning, implementation, review and with the mine evaluation which gives Pike River assurance that a continuous improvement model is development, implemented and is working effectively. Pike River With a decade of painstaking planning and negotiation prior to the first shovel being turned, and the goodwill of all parties, issues encountered in construction has employed were quickly overcome and today there is strong and widespread support for Pike River’s positive approach to finding solutions and reaching and meeting its various industry undertakings. best practice Other important milestones achieved in the period under review, included completion of a $97 million funding package in March 2008 and contracts signed for sales of safety and first coal at US$300 per tonne for the period ended 31 March 2009. The March 2008 rights issue at $0.90 cents per share was strongly supported by shareholders who environmental have since seen the company’s share price substantially increase. management”

The Roadheader being driven to the tunnel face

4 PIKE RIVER COAL LIMITED Annual Review 2008 It’s all ABOUT PEOPLE Success of the Pike River mine relies on good management and good people. “Working as the Pike River benefits from a skilled and highly experienced Board with many staff do, in a decades spent in resource project development and operation, engineering and finance. The Board is headed by independent chairman John Dow. John was comparatively formerly the Managing Director of the Australian arm of Newmont Mining, one of the world’s largest gold producers. remote area Pike River took an early view that successful execution of the development would of the country, depend on sound planning, plenty of determination, and selection of the right people who were prepared to go the extra mile in meeting the expectations of there is a strong shareholders and stakeholders. community Gordon Ward (Chief Executive) and Peter Whittall (General Manager, Mines) head a senior management team with more than 150 years of coal mining experience. spirit and close Gordon’s significant commercial and resource development experience (20 years relationships previously with New Zealand Oil & Gas) and Peter’s wide technical, and coal mine development and operations experience (24 years previously with BHP) combine with to deliver first class management to Pike River. neighbouring The recruitment of an experienced mining workforce, careful planning of equipment design and construction and a well thought out and executed communities ...” contracting strategy was essential to meet the challenge of reaching coal and ensuring the mine can meet the target production rates of at least one million tonnes each year. To date, Pike River has recruited almost two-thirds of the 150 miners and support staff it will need when the mine is fully in production from mid 2009. The majority of staff are West Coasters and New Zealanders, but a significant offshore recruitment exercise was also required to build the workforce. Extensive planning has been required to ensure equipment construction and delivery on time. For example, the lead time to build and deliver the two continuous miners was two years. Second hand equipment was not available in the booming mining market. A strategy of tendering and contracting out individual components of the development, has reduced the potential for capital cost increases and delivered a better result than alternative contracting strategies. Additional tunnelling costs were due to unforeseeable underground conditions. Pike River has also kept up with mining technology to improve efficiency, speed of operation, and improve miner safety. Innovation has been employed in the design of certain equipment. For example, Pike River and Waratah Engineering have designed a unique coal crushing unit for use in the hydro-monitor mining process (the high pressure water cutting system). Operational efficiencies are expected to result. Working as the staff do, in a comparatively remote area of the country, there is a strong community spirit and close relationships with neighbouring communities and the ‘mother’ town of 50 kilometres away. Staff guiding the new Roadheader into the mine 5 CHIEF EXECUTIVE’S ANNUAL REVIEW

Our coal IS SPECIAL Pike River coal is amongst the higher value hard coking coals in the world for making coke and steel. About 70% of the world’s steel is made by blast furnaces using coking coal and Pulverized Coal Injection coals. The remaining 30% use electricity, mostly from coal fired power stations, to generate the extremely high temperatures needed to smelt iron ore into steel. Pike River coal has the lowest ash content of any export coking coal in the world at one percent, generates about half the carbon emissions compared to lower quality semi-soft coking coals, and has a particularly high ‘fluidity’ level, a measure of how fluid the coal becomes when heated to form coke. Long term conditional purchase contracts have been signed, with approximately 70 percent of production sold for the first three years. Pike River’s two Indian cornerstone shareholders have committed to buy 55 percent of production for the life of the mine. Coal sales prices are negotiated annually, in line with standard industry practice. Initial Pike River coal has been pre-sold for US$300 per tonne, the same price as premium Queensland hard coking coal sold by major Australian coal producers.2 This is triple the price forecast at the time of the IPO. Pike River coal is an essential commodity. Without coking coal many of the world’s basic necessities made from steel would not be available.

Hard Coking Coal Price

350

300 onne 250

USD$ per t 200

150

100

Historic 50 Pike River IPO forecast

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Long Broker consensus Term forecast 14 July 2008 Japanese Fiscal Year (year ending 1 April)

2 Each year Pike River will need to obtain shareholder approval of the renegotiated price payable under the conditional contracts with Gujarat NRE Coal (NSW) Pty Limited and Saurashtra Fuels Private Limited unless a waiver is granted by NZX. It is Pike River’s intention to seek a waiver from NZX annually from that requirement and, in connection with such waiver application, it is Pike River’s intention to provide NZX with an independent report regarding the fairness of the renegotiated price.

6 PIKE RIVER COAL LIMITED Annual Review 2008 What happens NEXT? Once through the “ramp-up” period to Annual Production Forecast mid-2009, Pike River is planning to extract one 1,400 million tonnes a year for the 18 year mine life. The Brunner seam holds an estimated 58.5 million tonnes of hard 1,200 coking coal. The coal seam thickness is typically 4-9 metres but can vary between 3-13 metres. 1,000 During the ramp-up period, the ventilation shaft which will intersect the end point of the tunnel and the western pit-bottom development (which will house underground mine infrastructure such as a large water 800 onnes (000) storage facility and the hydro-monitor pump station), will be completed. T A 4.15 metre diameter, 108 metre deep ventilation shaft will provide a means of ventilating the mine. Construction of the ventilation shaft 600 using the raisebore method is expected to start towards the end of 2008. 400 In the period to March 2009 the mine is planned to be steadily cranked up to produce a total of approximately 100,000 tonnes of saleable coal. The following three months to June 2009 should see another 100,000 200 tonnes with the implementation of hydro-monitor mining currently planned for June 2009, providing the boost. Once at that stage, the 0 mine is expected to average approximately 1 million tonnes per annum. 2009 2010 2011 2012 2013 As is usual in establishing a new mine operation there is potential for Year ended 30 June some delay as the mine moves through the ramp-up phase.

Eastern Pit Bottom under construction with concrete plinth bases for slurry pumps

7 CHIEF EXECUTIVE’S ANNUAL REVIEW

Once mined, the coal will be trucked from the modern $20 million coal preparation plant at the mine to a new railhead currently being constructed by Pike River’s contractors at nearby Ikamatua. From there, the coal will be railed 250 kilometres to the Port of Lyttelton for export, initially to Japan and India.

Coal Ship Loading, Preparation Coal Truck 22km to Rail 250km Port Lyttelton, Plant Stock Piles Ikamatua to Lyttelton East Coast

1356

Pit Bottom 2km Tunnel 10km Slurry Lyttelton Pipeline

For the future, more exploratory work will be undertaken to determine whether a second coal seam, the Paparoa seam which lies between 100 to 200 metres below “The coal will the Brunner seam, is commercially worthwhile to develop. be railed 250 Exploration of this seam, which has already been sampled along 6 kilometres of outcrops along the western escarpment, is about to commence. kilometres to A drilling programme is likely to run for about 18 months. One hole drilled from the the Port of surface is planned intially and then a specially modified drilling rig, to be located underground in the Brunner seam access roads, will drill down into the Paparoa Lyttelton for seam. This will provide a clearer picture of the Paparoa deposit’s size, scale and coal quality. There is potential for considerable quantities of coal to be mined from export, initially the Paparoa, if it is proven to be commercially viable. to Japan and As Pike River moves closer to full production other coal opportunities will be evaluated as the company seeks to expand its asset base from a single mine operation, for the India” benefit of shareholders.

Coal Preparation Plant on Pike River owned land

8 PIKE RIVER COAL LIMITED Annual Review 2008 How we protect THE ENVIRONMENT

The amenities and office areas have been blended into the surrounding bush

Safeguarding the mine’s spectacular environment has been a huge priority and Pike River has gone to considerable lengths to demonstrate its environmental responsibility. That environmental commitment has been officially recognised by the Department of Conservation’s West Coast Conservancy with a certificate of appreciation to Pike River for “the consideration it has demonstrated in establishing its mining facilities”. The mine access required a total surface footprint of thirteen hectares of which eight hectares had previously been logged, leaving only five hectares of unlogged vegetation to be cleared. When mining is finished, many years from now, Pike River has undertaken to restore the site to its original condition by removing all structures and buildings, recontouring disturbed areas, and hydro-seeding with native plants. Pike River employs its own environmental staff who work closely with the Department of Conservation and Regional and District Councils to not only ensure the terms of the various access and resource consent agreements are met, but that innovative solutions are found to issues as they arise.

9 CHIEF EXECUTIVE’S ANNUAL REVIEW

The spectacular Paparoa Ranges

“... the As well as meeting the terms of its access, mining, and resource consents, company the company has taken a consistently proactive approach to safeguarding the environment it shares by directly investing in its health. For example along the has taken a access road the towering native rimu and totara trees hold greater significance than the beech forests they mix with – and to preserve the rimu and totara the consistently access road was zigzagged around them. proactive Another example is the company’s commitment to ridding a catchment of 1,350 hectares of land around the wider mine site of pests and predators (stoats, rats approach to and possums) to help threatened native birds like blue duck and great spotted safeguarding kiwi to survive. Currently, Pike River is spending over $180,000 a year purely on environment the enhancement. environment In terms of carbon emissions, coal does contain methane gas as a natural by-product. it shares Pike River estimates there could be approximately 1.4 million tonnes (carbon dioxide equivalent – CO2E) of gas released from the Brunner coal seam over the mine life. The by directly company will be looking at ways of capturing this gas and using it to generate on-site electricity if viable. If the gas cannot be captured or used, these ‘fugitive’ methane gas investing in emissions would now be taxed under the New Zealand government’s recently enacted Climate Change Response (Emissions Trading Amendment) Act, passed on 16 June its health” 2008. The potential cost to Pike River will depend on the international price for carbon, 3 but assuming none of the gas is captured and a CO2E price of NZ$24 per tonne , this would amount to a carbon tax of NZ$1.78 per tonne of coal mined each year. The Brunner seam contains considerably lower methane gas levels than usually found in an underground mine. This is due to the seam being exposed to the atmosphere along the entire western escarpment resulting in natural methane gas leakage into the atmosphere. As coal production gets underway the picture will become clearer.

3 Based on the New Zealand Treasury updated estimate for the price of Kyoto-compliant emission units of Euro11.13 (NZ$24) released 18 December 2007. Was previously US$11.90 (NZ$15) per unit.

10 PIKE RIVER COAL LIMITED Annual Review 2008 Return ON INVESTMENT Pike River has made a significant investment in the mine development and expects to pay a dividend in its first year of full production. On the basis of current mine plan and coal price expectations, Pike River anticipates being in a position to make its first dividend payment in the first full year of production, being the year ended 30 June 2010. Since the IPO in July 2007, investors have seen the value of their holdings substantially increase, reflecting strong progress with the mine development and much higher coal prices.

Pike River share price performance

3,000 7)

2,500

2,000

1,500

Pike River 1,000 ebased Price (Based at 1,000 on 20 July 200

R ASX 200 Accumulation

500 NZX 50 31 Jul 31 Aug 30 Sep 31 Oct 30 Nov 31 Dec 31 Jan 29 Feb 31 Mar 30 Apr 31 May 30 Jun 31 Jul 31 Aug 26 Sep (Gross) 07 07 07 07 07 07 08 08 08 08 08 08 08 08 08

Pike River is also creating downstream benefits for the economies of New Zealand and the West Coast. For New Zealand4: • on forecast coal prices and exchange rates, more than $100 million5 in taxes and royalties for the 2010 financial year (assuming full production rate reached in June 2009). For the West Coast4: • Pike River will be the fifth largest employer on the West Coast with a workforce of 150 and creating downstream employment for an estimated further 450 people • more than $25 million to be spent annually on workforce employment, trucking, power supply, and support services • improvements in the habitat for native flora and fauna through pest control and wildlife sponsorship programmes • local sponsorships for community organisations and events.

4 based on production from the Brunner seam of one million tonnes of coal a year 5 McDouall Stuart Securities Limited research report dated 7 July 2008 11 CHIEF EXECUTIVE’S ANNUAL REVIEW

Statistics The MONEY Pike River is the only independent New Zealand coal mining and coal export company listed on the Coal sales price up New Zealand and Australian Stock Exchanges. 200% On the basis of its sharemarket performance, Pike River was included in the NZX 50 on 1 July 2008, about three months before coal production is due to start. Pike River reported a $1.14 million loss in the financial year ended 30 June 2008 reflecting the development phase of its new mining operation and related one-off costs. Pike River 6 The financial impact of the progress made in de-risking the mine development employees up 289% is reflected in the 30 June 2008 results with a number of one-off items; including recruitment of management and a skilled mine workforce and transition into new coal transport arrangements. The loss for the year, whilst somewhat less than market expectations, was not particularly relevant given that first coal production Pike River share price is to occur in the year ended 30 June 2009. up 85% 6 During the year ended 30 June 2008, Pike River raised $182 million to progress the mine development. After allowing for a new $12 million rail loadout facility to be constructed at Ikamatua, the mine development capital budget was increased in September 2007 Market capitalisation to $208 million. A further $32 million of working capital was required taking the 6 total development budget to $240 million. In May 2008 the company arranged a up 141% revolving credit finance facility for up to $16 million to fund the purchase of heavy mining machines, which had previously intended to be leased. Continued difficult rock conditions in the tunnel and higher steel prices will lead to a further increase in the development capital budget, the extent of which was being quantified at the date of this Annual Review. Arrangements are in hand for any potential additional NZD:USD exchange rate 6 funding requirements that may arise.

0.8500

0.8000

0.7500

0.7000

0.6500

0.6000 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08

6 For period 24 Aug 2007 to 26 Sep 2008

12 PIKE RIVER COAL LIMITED Annual Review 2008 Board OF DIRECTORS

1 2 3 4 5 6 7

The Pike River Board includes members with proven skills 4. Mr Stuart Nattrass and experience in listed public companies, the private Independent Director sector, and the coal industry. Mr Nattrass has 17 years experience in international 1. Mr John Dow financial markets, principally foreign exchange risk management, and has been a director of Independent Director and Chairman Co-operative Group Limited since 2003. Mr Dow, a geologist, has had 40 years experience as a successful greenfields explorer, exploration manager, and 5. Mr Dipak Agarwalla mining executive in New Zealand, Antarctica, Southeast Non-Executive Director Asia, the United States, and Latin America. His most recent Mr Agarwalla comes from a family with over 10 decades executive appointment was as chairman and managing of coal mining experience in India, and in 1994 the family director of Newmont Australia Limited, the Australian company, Saurashtra Fuels Private Ltd, started production subsidiary of one of the world’s largest gold producers. He from its first coking plant in Porbandar, now one of India’s is currently the non-executive chairman of Troy Resources largest private sector coke producers. He has held various NL, non-executive chairman of Glass Earth Limited and positions in multilateral trade organisations, including the a director of the Australasian Institute of Mining and Indian Met Coke Manufacturers Association. Metallurgy. 6. Mr Roy Antony (Tony) Radford 2. Mr Gordon Ward Non-Executive Director Executive Director Mr Radford has 26 years experience in resource company Mr Ward, with 21 years experience in the resource sector, management and has spent most of his career in the is the managing director of Pike River. He was appointed petroleum and mining industries. He is a founding director, to the Board in July 2006 and made chief executive in and the current chairman of NZOG, and has been a director January 2007. He was previously New Zealand Oil & Gas of Pike River since 1983. Limited’s (NZOG) general manager, managing NZOG’s 7. Mr Arun Kumar Jagatramka involvement in the Pike River, Tui oil and Kupe oil/ Non-Executive Director condensate fields. Mr Jagatramka is vice chairman and managing director 3. Professor Raymond (Ray) Meyer of Gujarat NRE Coke Limited with 11 years experience Non Executive Director in coal and coke production and 15 years prior to that in Professor Meyer, with 41 years experience in engineering, consultancy and merchant banking. Under his leadership is a former director of the Electricity Corporation of New production at Gujarat NRE Coke has expanded five Zealand Limited, Transpower New Zealand Limited, times in the last 9 years to make it the largest non- Watercare Services Limited, Auckland Uni Services captive metallurgical coke manufacturer in India and the Limited, and chairman of the Forest Research Institute. first Indian company to own and operate coal mines in He is currently a director of Drive Technologies Australia. Limited and deputy chairman of NZOG.

13 Management TEAM

Management Team: (from left to right) Ivan Liddell, Kevin Kilbride, Paul Bywater, Chris Turver, Andrew Gray, Gordon Ward, Peter Whittall, Kobus Louw, Tony Goodwin, Neville Rockhouse, Johan Pienaar.

Mr Peter Whittall three years as Group Treasurer for General Manager Mines Limited, focussing on financial risk management, capital 27 years of substantial mining experience, including structuring, and the management of significant foreign manager of underground coal mines for BHP Billiton in New exchange, interest rate and debt capital market exposures. South Wales, development of the greenfield Dendrobium Mr Tony Goodwin mine for Illawarra Coal, and operation of the Tower and Engineering Manager Appin coal mines in NSW. 23 years in underground coal mines in NSW and Mr Kobus Louw Queensland, including several senior engineering positions Production Manager and 10 years in underground longwall operations in 12 years in the South African mining industry, working as Queensland. a production shift boss, mine overseer, project engineer, Mr Ivan Liddell underground manager and shift boss for Sasol Mining. His Environmental Manager extensive background includes mine planning and mine 10 years in environmental management in the dairy productivity. industry and previously Waikato regional environment Mr Paul Bywater manager for Fonterra Co--operative Group before joining Financial Controller Pike River in 2005. 12 years in domestic and international financial markets including six years in the London practice of KPMG and

14 PIKE RIVER COAL LIMITED Annual Review 2008

Mr Mark Godwin Human Resources Manager 21 years in human resources management, predominantly in the CURRENT United Kingdom public sector before emigrating to New Zealand in 2007 and joining Pike River in 2008. Originally trained as a marine Pike River mechanical engineer. Mr Johan Pienaar SPONSORSHIPS Coal Preparation Plant Manager , 10 years management experience at the Tshikondeni Mine in South Moonlight Community Events Principal Sponsor Africa, including 3 years as head of process development at the mine laboratory, 3 years as head of production, and 4 years as coal West Coast Land Search & preparation plant manager. He moved to New Zealand in 2007, first Rescue, Principal Sponsor with Solid Energy and then to Pike River. Sports West Coast Holiday Mr Neville Rockhouse Programme, Principal Sponsor Safety & Training Manager 20 years in underground and open-cut mining operations in Ahaura Hunting & Fishing Australia before becoming professionally qualified in safety Competition 2006 management and joining Pike River in 2006. He is also National Operations Manager for the NZ Institute of Safety Management Sports West Coast Sports and NZ representative on the Board of the International Safety and Award Dinner Health Practitioners Organisations. Ikamatua Golf Club, Major Sponsor Mr Bob Reynolds Consultant Marketing Adviser Greymouth Squash Competition 17 years in coal marketing and 18 years in coal mining , Corporate management and engineering. He has secured coal export AusIMM Conference Sponsor contracts to a diversified customer base, including major Japanese, Indian and Korean steel mills. Greymouth Dance Competition Mr Chris Turver Society Relationships Manager Mawhero Young Writers 30 years in senior management and in communications and marketing following a career as a journalist and broadcaster. Greymouth Golf Club Later, a local government councillor, resource consents hearing commissioner, and then stakeholder engagement senior adviser for Ikamatua Fire Brigade the Ministry for the Environment before joining Pike River earlier in 2008. Westland Motor Cycle Club (Ikamatua Event), Principal Sponsor Greymouth Trotting Club Pike River ‘Pikelets’ Spouses Netball Team Ikamatua Rugby Club

15 Corporate DIRECTORY

Directors Registered and Head Office Shareholder information For company information: John Dow Level 7, Perpetual Trust House For information on number Telephone Non Executive Chairman 111 Customhouse Quay of shares or options held, +64 4 494 0190 Gordon Ward PO Box 25 263 holding statements and Facsimile Managing Director Wellington changes of address contact +64 4 494 0219 New Zealand the share registrar at Raymond Meyer Website: Telephone + 64 4 494 0190 www.computershare.co.nz/ www.pike.co.nz Dipak Agarwalla Facsimile + 64 4 494 0219 investorcentre; or Arun Jagatramka Email: [email protected] Shareholders are encouraged New Zealand Stuart Nattrass to receive company Mine Site Office Computershare Investor Roy Antony (Tony) Radford announcements directly via 586 Logburn Road, Atarau Services Limited the internet. P O Box 212 Private Bag 92119 Management Register at: Greymouth Auckland 1142 Gordon Ward www.pike.co.nz/reports/ New Zealand New Zealand Chief Executive electronic-notices-reports Telephone +64 3 769 8400 Telephone Peter Whittall Facsimile +64 3 769 8434 +64 9 488 8777 General Manager Mines Email: [email protected] Paul Bywater Australia Chief Financial Officer Auditor Computershare Investor KPMG Brian Roulston Services Pty Limited 10 Customhouse Quay Company Secretary GPO Box 242 P O Box 996 Chris Turver Melbourne Vic 3001 Wellington 6011 Relationships Manager Australia New Zealand Telephone + 61 3 9415 4083 Aust Freephone 1800 501 366

16 design: www.alltexdesign.co.nz In line with best practice, this year the company provides this Annual Review. It is a companion document to the company’s Financial Review 2008 document. Together these documents form the Annual Report of Pike River Coal Limited for the year ended 30 June 2008. Both this document and the Financial Review 2008 document are available for you to view electronically or download by visiting www.pike.co.nz/reports at any time.

W: www.pike.co.nz E: [email protected]