2010 Results Announcement2010 Results Announcement

WINSWAY COKING COAL HOLDINGS LIMITED

1

7th March 2011

� This document has been prepared by Winsway Coking Coal Holdings Ltd (“Winsway”). By accepting this document, you agree to maintain absolute confidentiality regarding the information disclosed in this document. It is prohibited to modify, copy, distribute, transmit, display, publish, sell, license, create derivative works or use any content for any other purpose than that of this document

� While Winsway uses reasonable efforts to include accurate and up-to-date information in this document, errors or omissions sometimes occur. Winsway expressly disclaims any liability, whether in contract, tort, strict liability or otherwise, for any direct, indirect, incidental, consequential, punitive

DisclaimerDisclaimer

2

in contract, tort, strict liability or otherwise, for any direct, indirect, incidental, consequential, punitive or special damages arising out of or in any way connected with your access to our use of this presentation

� All information in this document, including but not limited to graphics, text and links to other communication means, is provided “as is” and is subject to change without prior notice. Such information is provided, to the fullest extent permissible pursuant to applicable law, without warranty of any kind express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, non-infringement from disabling devices. Winsway does not warrant the adequacy, accuracy or completeness of any information in this document and expressly disclaim any liability for errors or omissions therein. Users are responsible for evaluating the accuracy, completeness or usefulness of any information or other content available in this document

I. Company OverviewI. Company Overview

3

� An integrated supplier of imported coking coal into China, owning infrastructures at strategic Sino-Mongolian and Sino-Russian border crossings and Chinese sea ports

� A pioneer in the large-scale transportation of Mongolian coking coal into China, and one of the few companies with infrastructures to supply Mongolian coking coal to coastal areas of China profitably in a large-scale

� One of the leading suppliers in China of imported coking coal. Imported 6.5 mt of Mongolian coal and 2.9 mt of seaborne coal in 2010

Integrated Coking Coal Supplier with Excellent Integrated Coking Coal Supplier with Excellent Growth Track RecordGrowth Track Record

Winsway OverviewWinsway Overview Integrated Business Model Across the Value ChainIntegrated Business Model Across the Value Chain

Winsway’s Mongolian Coal Business

Winsway’s Seaborne Coal Business

Mining Companies and Operators / Our Own Resources

Mining Companies and Operators / Our Own Resources

Steel Makers / Coke Plants

Steel Makers / Coke Plants

Coal Processing

Railway

Border Crossing

and Transportation

in Mongolia

4

2010

� Listed on HKEx on 11 Oct 2010 (HK.1733) with a market capitalization of US$2.1 billion as of 7 February 2011

Strong Growth in Procurement VolumeStrong Growth in Procurement Volume Solid Financial PerformanceSolid Financial Performance

1,143

5,283

9,272

507 961

2,118

281 515 929

0

2,000

4,000

6,000

8,000

10,000

2008 2009 2010

(HK

D m

m)

Revenue Gross profit Net income

[Subject to changes in KPMG report]

PortCoal

Processing

1.3

3.8

6.5

3.4

3.1

1.3

7.2

9.6

0

2

4

6

8

10

2008 2009 2010

(mt)

Mongolian coal Seaborne coal

Connecting Global Coking Coal Resources to Connecting Global Coking Coal Resources to ChinaChina

Manzhouli

(in planning)

MinusinskIirkutsk

Kuzbass

Kansk-Achinsk

Baikal

Bureya

Zeya

Apsat

Kuznetsk

South Yokutia

Vanino

R U S S I A

Capital

Winsway's border-crossing facilities

Winsway's docking facilities

Winsway's coal processing plants

coal loading stationsWinsway's logistics centres and

Winsway

Legend

5

Jinan

Ceke

Gants Mod

Mandula

Erlianhaote

Zhu'engadabuqiSuifenhe

(in planning)

(in planning)

(in planning)(in planning)

Shivee Khuren

Gashuun Sukhait

(in planning)

(in planning)

(in planning)

(in planning)

Zamyn-Üüd

Takeshiken

Bayuquan

Yangkou Port

Longkou Port

Urad Zhongqi

Jining

Nariin Sukhait

UkhaakhudagTavan Tolgoi

Alag TogooShivee Ovoo

Ovoot Tolgoi

Baruun Naran

Primorsky

BeijingQinhuangdao

Tongliao

Jilin

Datong

Shijiazhuang

Jiayuguan

Xining

Ulaanbaatar

Baotou

Jiuquan

Anshan

Lanzhou

Linhe

Daqing

Hami

Yinchuan

UrumqiXilinhaote

Zhangjiakou

VostochnyVladiyostok

Caofeidian

MONGOLIA

CHINA

4 5

6

79

8

10

1 2

3

114

2

3

1

5

6

7

8

Jiayuguan-Ceke line

Xixiaozhao-Gants Mod line

Bayan Ula-Zhu'engadabuqi line

Baotou-Mandula line

Jining-Erlianhaote line

Beijing-Baotou line

Datong-Qinhuangdao line

Linhe-Ceke line

Capital

City

Coal mine / coal basin

Major steel production centers

Road

Railway (in operation)

Railway (in planning)

National boundary

9

10

Baotou-Lanzhou line

Jining-Tongliao line

Coal deposits

National boundary (China)

Coking coal deposits

Jinin-Zhangjiakou-Caofeidian line11

Major Events in 2010Major Events in 2010

April 2010Winsway closed pre-IPO financing with Hopu, China Minmetals, Silver Grant and Itochu, raising USD120 million in total

June 2010Winsway and Peabody Energy entered into a 50-50 joint venture which holds over 50 coal licenses in Mongolia

July 2010Winsway entered into strategic alliance agreement with Marubeni

December 2010Winsway entered into 5 year strategic alliance agreement with South Gobi

6

April 2010Winsway signed 3 year strategic alliance agreement with an unidentified Mongolian coking coal supplier

April 2010Winsway signed 10 year strategic alliance agreement with Tavan TologoiCorporation

July 2010Annual processing capacity of Winsway’s Urad Zhongqidense-medium coal processing plant increased to approximately 6 million tonnes

October 2010Winsway successfully listed on the main board of Hong Kong Stock Exchange

2010 2011

Unidentified Mongolian Supplier

II. Business ModelII. Business Model

7

Overview of Overview of Winsway’sWinsway’s Integrated Business Integrated Business ModelModel

Mining Companies and

Operators / Our Own Resources

Mining Companies and

Operators / Our Own Resources

Steel Makers / Coke Plants

Steel Makers / Coke Plants

Winsway’s Mongolian Coal Business

�Significant coal processing capacity at strategic locations along transportation route and

�Joint ventures with Hohhot and Harbin Railway Bureaus to develop and operate

�Strategic infrastructures at key Sino-Mongolian and Sino-Russian border crossings

Coal Processing Railway

Border Crossingand Transportation in

Mongolia

1 5

2 3 4

8

Winsway’s Seaborne Coal Business�Long-term

agreements and purchase contracts with key Mongolian suppliers

�Long-term agreements and spot contracts with seaborne suppliers

�50% interest in Peabody-Winsway JV

�Established relationship with high-quality customers at major steel production centres

�8 out of the top 12 steel mills in China are Winsway's customers

transportation route and at seaports

�Total capacity to exceed 20mtpa by end of 2011

develop and operate logistics centres at key railway hubs (51% owned by Winsway)

�Joint venture with Hohhot Railway Bureau to invest in rolling stocks

�5% investment in Gants Mod - Xixiaozhao railway

crossings�Long-term contract with

transportation partner to transport coal from mine mouth to border crossings

�Seaborne business broadens our product offering and diversifies our sources supply

�Coal processing plants at Bayuquan and Longkou near ly completed

�Logistics facilities at Bayuquan under constructio

Port Coal Processing

6

1 Long Term Agreements and Purchase Long Term Agreements and Purchase Contracts with Key Suppliers Ensure a Stable Contracts with Key Suppliers Ensure a Stable Source of Coking Coal SupplySource of Coking Coal Supply

Unidentified Mongolian Supplier

Long term agreement

3 years

Unidentified Mongolian Supplier

Long term agreement

3 years

Long term agreement

5 years

Long term agreement

5 years

Long term agreement

10 years

Long term agreement

10 years

MongolianCoal

Suppliers

MongolianCoal

Suppliers

Long term agreementLong term agreement Purchase contractPurchase contract

Others

9

Up to 2.0mt/year

Up to 2.0mt/year

Min. 2.0mt/year

20113.2mt/year

Min. 2.0mt/year

20113.2mt/year

5.0mt/year or

50% output

5.0mt/year or

50% output

SuppliersSuppliers

Seaborne Coal

Suppliers

Seaborne Coal

Suppliers

A combination of long-term agreements and spot contractsA combination of long-term agreements and spot contracts

Others

1.0mt/year1.0mt/year 0.2mt (Q4 2010)

0.2mt (Q4 2010)

The Joint Venture AcquisitionThe Joint Venture Acquisition

� On 29 June 2010, we acquired 50% interest in Peabody-Winsway JV from Polo Resources with a total consideration of

US$15mm in cash

US$20mm in Winsway shares upon IPO

1% royalty based on revenue of coal sold at the mine-mouth price

Coal ResourcesCoal Resources

� The JV mainly has 3 coal projects: Central projects North West projects South Gobi projects

� Central and North West projects contain mostly thermal coal and are at a relatively advanced stage of exploration

� South Gobi projects are at a preliminary stage of exploration and contain both thermal and coking coal

Sustainable Supply of Coking CoalSustainable Supply of Coking CoalUpstream InvestmentUpstream Investment

1

10

Locations of JV’s Coal Resources and LicensesLocations of JV’s Coal Resources and Licenses

� The JV holds approx. 50 coal-related mineral licens es in Mongolia with a total area of approx. 7,210 sqkm

exploration and contain both thermal and coking coal deposits located in South Gobi Coal Basin known for its rich coking coal resources

Union

(5)

Union

(5)

Khashaat

(1)

Khashaat

(1)

Ereen

(4)

Ereen

(4)

Erds

(4)

Erds

(4)

South Gobi

Central

South Gobi

Central

South Gobi East

South Gobi East

South Gobi West

South Gobi West

Central Projects

(14)

Central Projects

(14)

North West

Projects

(3)

North West

Projects

(3)

South Gobi

Projects

(25)

South Gobi

Projects

(25)

Other Projects

(9)

Other Projects

(9)

Overview of License Areas in Mongolia (# of License s Held)

6 Tier-1 Sino-Mongolian Border Crossings

Winsway’s infrastructure

Gants Mod √

Ceke √

Erlianhaote Under construction

Zhu’engadabuqi Under construction

Mandula Under construction

2 Invested in Infrastructure and Transportation Invested in Infrastructure and Transportation at Key Sinoat Key Sino--Mongolian and SinoMongolian and Sino--Russian Russian Border CrossingsBorder Crossings

11

2 Tier-1 Sino-RussiaBorder Crossings

Takeshiken Under construction

Winsway’s infrastructure

Manzhouli Under construction

Suifenhe Under construction

Ceke Border CrossingCeke Border Crossing Gants Mod Border CrossingGants Mod Border Crossing

Closest coal deposit being Ovoot Tolgoi, Nariin Sukhait (40km) serviced by trucking company Moveday with 950 trucks dedicated excluding for our use

Closest coal deposit being Tavan Tolgoi (270km) serviced by trucking company Moveday with 950 trucks dedicated excluding for our use

Commencement of Construction &Land Area

Commencement of Construction &Land Area

Commenced : 2008 Area: 679,100 sqm

Major Facilities in the Logistics Park

Major Facilities in the Logistics Park

Transportation arrangement from mine mouth

Transportation arrangement from mine mouth

Loading facilities, stockpile area, and a coal processing plant

Loading facilities, stockpile area, coal testing centre, wind shield, and a designated access road connecting our logistics park to Chinese customs

Commenced : 2007Area: 666,600 sqm

Significant Coal Processing Capacity at Significant Coal Processing Capacity at Strategic Locations WellStrategic Locations Well--Positioned to Meet Positioned to Meet Future DemandFuture Demand

Main Raw Coal Source

Main Raw Coal Source

Russia seaborne , Australia seaborne coal and other

Coastal regions of China

Mongolia

Inner Mongolia, Hebei, and Shandong Provinces

Target Markets Target Markets

Serving Different Target MarketsServing Different Target MarketsStrategic Locations of Coal Processing PlantsStrategic Locations of Coal Processing Plants

Ceke, Urad Zhongqi and

Jining

Ceke, Urad Zhongqi and

Jining

Bayuquan and Longkou

Bayuquan and Longkou

3

12

coal and other origins

China

Coal Processing CapacityCoal Processing Capacity

LongkouLongkou

2.0 6.010.0 10.01.2

1.21.2 1.24.0 4.04.0 4.04.0 4.0

5.0

5.0

2.0 3.27.2

23.2

33.2

0

5

10

15

20

25

30

35

2008A 2009A 2010A 2011E 2012E(m

tpa)

UradZhongqi

Ceke Jining Bayuquan

Longkou Suifenhe Manzhouli

Joint Ventures with Railway Bureaus to Joint Ventures with Railway Bureaus to Ensure Sufficient Railway Transportation Ensure Sufficient Railway Transportation Capacity Capacity

4

Logistics CentresLogistics Centres

JVs with Hohhot and Harbin Railway BureausJVs with Hohhot and Harbin Railway Bureaus

Rolling stocksRolling stocks

哈哈哈哈 尔尔尔尔 滨滨滨滨 铁铁铁铁 路路路路 局局局局Harbin Railway Bureau

Hohhot Railway Bureau

13

Huayuan Logistics� Hohhot Railway Bureau is Huayuan’s largest shareholder.

Winsway is the second largest shareholder with 9% ownership

� Huayuan to invest in 3,300 rolling stocks

� Winsway’s railway transportation capacity will increase approximately by 1.2 million tons per year

Winsway – Hohhot Railway Bureau JV� Jointly develop and operate railway logistics centers at border

crossings including Ceke, Gants Mod, Mandula, Erlianhaote, Zhu’engadabuqi and inland logistics centers at Jinin and Urad Zhongqi

� Coal loading stations within the railway logistics centers

� Winsway owns 51% in the joint venture

Winsway – Harbin Railway Bureau JV� Jointly develop and operate railway logistics centers at

Manzhouli

� Coal loading stations within the railway logistics centers

� Winsway owns 51% in the joint venture

Logistics CentresLogistics Centres

Railway InvestmentsRailway Investments

Rolling stocksRolling stocks

� “Registered user” status for railways administrated by the Hohhot Railway Bureau

� Invested in 5% of the Gants Mod – Xixiaozhao railway

Wide-ranging cooperation with Railway Bureaus built on 15 years of mutually beneficial working relatio nshipWide-ranging cooperation with Railway Bureaus built on 15 years of mutually beneficial working relatio nship

Established Relationship with HighEstablished Relationship with High--Quality Quality Customers at Major Steel Production Customers at Major Steel Production CentresCentres

China’s Top Steel Producer (2010)China’s Top Steel Producer (2010)Winsway’s Major CustomersWinsway’s Major Customers

Steel producerProduction volume (mt)

Winsway’scustomer?

Hebei Steel 52.9 √

Baosteel 44.5 √

Ansteel 40.3 √

Wuhan Iron and Steel 36.6 √

Shasteel 30.1 √

Shougang 25.8 √

Shandong Steel 23.2

Xiwuan Steel 18.6

5

14

We have built a network of premium clients through consistent delivery of high quality products and va lue-added services We have built a network of premium clients through consistent delivery of high quality products and va lue-added services

Winsway’s Long Term Partnership with CustomersWinsway’s Long Term Partnership with Customers

Name Type Location Comments

Steel ProducerBaosteelBaosteel Shanghai � Strategic partnership to supply up to 2.6mtpa of coking coal

WugangWugang Steel Producer Wuhan � 10 years long term strategic cooperation agreement to supply 1.2 mtpa coking coal

Jiujiang CokeJiujiang Coke Coke Plant Hebei � 30 years long term strategic cooperation agreement

Tangshan JiahuaTangshan Jiahua Coke Plant Hebei � 30 years long term strategic cooperation agreement

Note: Colored areas denote six main markets for Winsway: Hebei and Beijing, Northeast of China, Inner Mongolia, Shanxi, Shandong and Central, Eastern and Southern regions of ChinaNote: Colored areas denote six main markets for Winsway: Hebei and Beijing, Northeast of China, Inner Mongolia, Shanxi, Shandong and Central, Eastern and Southern regions of China

Xiwuan Steel 18.6

Bohai Steel 17.4

Magang 15.4

Hunan Valin 15.1 √

Baotou Steel 10.1 √

Source: mysteel.com

Seaborne Coal Business Broadens Our Seaborne Coal Business Broadens Our Product Offering as well as Diversifies Our Product Offering as well as Diversifies Our Sources of Coal SupplySources of Coal Supply

Offshore Onshore

CoalProcessing

Mining Companies/Operators

Mining Companies/Operators Ports

Steel Makers/Coke Plants

6

15

� Coal procured from Australia, the US, Canada, Russia, etc.

� A combination of long-term offtake agreements and spot contracts

� Procured 3.4 Mt seaborne coal in 2009 and 2.9 Mt in 2010

� Delivered to Jingtang, Rizhao or Caofeidian ports currently

� Plan to construct logistics parks around port facilities

� Docking facilities in Longkou and Yangkouports under construction

� Coal processing facilities at Bayuquanand Longkou ports nearly completed

� Bayuquan and Longkouports to primarily serve the Northeast China and Shandong markets

Significant processing capacity at seaports improve s our flexibility in terms of procurement and abili ty for coal upgradeSignificant processing capacity at seaports improve s our flexibility in terms of procurement and abili ty for coal upgrade

III. Financial OverviewIII. Financial Overview

16

Our Scale and GrowthOur Scale and Growth

Total sales volumeTotal sales volume Total revenueTotal revenue

1.02.1

4.72.9

3.0

1.0

5.1

7.8

0

2

4

6

8

10

(mt)

1,114

5,283

9,272

0

2,000

4,000

6,000

8,000

10,000

(HK

D in

mill

ions

)

17

Gross profitGross profit Net profitNet profit

1.00

2008 2009 2010

Mongolian coal Seaborne coal

0

2008 2009 2010

494

961

2,118

0

500

1,000

1,500

2,000

2,500

2008 2009 2010

(HK

D in

mill

ions

)

273515

929

190

273

515

1,119

0

200

400

600

800

1,000

1,200

2008 2009 2010

(HK

D in

mill

ions

)

Net prof it One-of f expenses (a)

Net IncomeNet Income

Forecast vs actual net incomeForecast vs actual net income

878764

929

808

0

200

400

600

800

1,000

(in m

illio

ns)

18

Net profit per ton (RMB vs. HKD)Net profit per ton (RMB vs. HKD) Net profit per ton (GAAP vs. Non-GAAP)Net profit per ton (GAAP vs. Non-GAAP)

273

101 119

24

273

101

143

0

50

100

150

200

250

300

2008 2009 2010

(HK

D)

GAAP basis Non GAAP basis

273

101119

242

89 104

0

50

100

150

200

250

300

2008 2009 2010

HKD RMB

0

HKD forecast RMB forecast HKD actual RMB actual

Earnings Per ShareEarnings Per Share

EPS (HKD vs. RMB)EPS (HKD vs. RMB) EPS (GAAP vs. Non-GAAP)EPS (GAAP vs. Non-GAAP)

0.35

0.30

0.26

0.23

0.3

0.4

(in H

KD

)

0.06

0.04

0.36

0.26

0.3

0.4

(in R

MB

)

19

0.0

0.1

0.2

HKD RMB HKD RMB

(in H

KD

)

Weighted average shares number

Year-endshares number

0.30

0.22

0.0

0.1

0.2

Weighted average shares Year-end shares(in

RM

B)

GAAP Non-GAAP

Balance SheetBalance Sheet

Total assetTotal asset

9,123

8,000

10,000

Total equityTotal equity Cash balanceCash balance

6,545

5,000

6,000

7,000 2,894

2,500

3,000

20

1,598

4,498

0

2,000

4,000

6,000

2008 2009 2010

(HK

D in

mill

ions

)

606

1,144

0

1,000

2,000

3,000

4,000

2008 2009 2010

(HK

D in

mill

ions

)

112

277

0

500

1,000

1,500

2,000

2008 2009 2010

(HK

D in

mill

ions

)

Cash FlowCash Flow

Operating cash flow Operating cash flow

141

47

0

50

100

150

Financing cash flow Financing cash flow Investing cash flow Investing cash flow

3,569

3,000

3,500

4,000

(200)

0

21

(353)(400)

(350)

(300)

(250)

(200)

(150)

(100)

(50)

2008 2009 2010

(HK

D in

mill

ions

)

511

1,165

0

500

1,000

1,500

2,000

2,500

2008 2009 2010

(HK

D in

mill

ions

)

(585)(647)

(1,056)

(1,200)

(1,000)

(800)

(600)

(400)

2008 2009 2010

(HK

D in

mill

ions

)

Coal ProcurementCoal Procurement

Mongolian coal volume (mt)Mongolian coal volume (mt) Seaborne procurement volume (mt)Seaborne procurement volume (mt)

6.5

5

6

7

3.4

3.1

3.0

3.5

4.0

22

1.3

3.8

0

1

2

3

4

2008 2009 2010

(mt)

0.00.0

0.5

1.0

1.5

2.0

2.5

2008 2009 2010

(mt)

Diversified Customer Base Reduces Diversified Customer Base Reduces Winsway’sWinsway’sCustomer ConcentrationCustomer Concentration

Five Largest TotalFive Largest Total 2010 Five Largest2010 Five Largest

Top Customer Revenue ContributionTop Customer Revenue Contribution

Five Largest Total

13.1%

(% of Total Revenue)

91.1%

23

13.1%

5.9%5.3% 5.2%

4.3%

Baosteel Wuhan I&S BaotouSteel

Hebei I&S Qian'anJiujiangCoke

33.0% 33.9%

2008 2009 2010

Strong Working Capital ManagementStrong Working Capital Management

A/P Turnover DaysA/P Turnover DaysA/R Turnover DaysA/R Turnover Days

38

2833 58

31 30

24

164

6680

2008 2009 2010

Inventory Turnover DaysInventory Turnover Days

2008 2009 2010 2008 2009 2010

1.3x

2.0x2.3x

Total debt/EBITDATotal debt/EBITDA EBITDA/interest EBITDA/interest

Healthy Credit RatiosHealthy Credit Ratios

14.3x

88.4x

15.4x

25

2008 2009 2010

Total debt/equityTotal debt/equity Current ratioCurrent ratio

2008 2009 2010

16.4%

108.0%132.0%

2008 2009 2010

3.2x

1.2x 1.2x

2008 2009 2010

IV. 2011 OutlookIV. 2011 Outlook

26

2011 2011 WinswayWinsway DevelopmentDevelopment

� Increase coking coal procurement volume from existi ng Mongolian suppliers

� Secure coking coal contracts from new suppliers com ing online

� Potentially expand into iron ore logistical service s in Mongolia

� Finish construction of the phase-1 Manzhouli coal loa ding station to facilitate the import of Russian coal and iron ore through land route

� Start construction of Suifenhe/Hunchun border crossi ng near the Pacific coast

Increase procurement volume from Mongolian

suppliers

Increase procurement volume from Mongolian

suppliers

Develop Russian land borne coal business

Develop Russian land borne coal business

27

� Bayuquan and Longkou will bring 8 mtpa of washing capa city online before the middle of the year

� Processing will be the core of our sea-born busines s with trading as a compliment

� Continue to cooperate with MoR at all levels and tak e advantage of recent regulatory changes to purchase rolling stocks to in crease our railway capacity and consequently our business volume

� Continue exploration work with our JV partner Peabo dy Energy in Mongolia to plan for in-house coking coal production in Mong olia in the near future

� Opportunistically acquire upstream coking coal asse ts to further ensure upstream supply and to take advantage of the increa sing value of coking coal

Diversify seaborne coal strategy

Diversify seaborne coal strategy

Increase railway transportation allocation

Increase railway transportation allocation

Upstream StrategyUpstream Strategy

V. Q&A SessionV. Q&A Session

28