Investor Presentaiton

Debt 79% 67% 28% 23% $29 $93 $40 $39 FY07 FY08 FY09 Net Debt ($m's) FY10 Net Debt/Equity NRW's mining projects are increasing in tenure providing the ability to match funding and avoid a funding "gap" The balance sheet was purposely de-geared in FY09 without the need to raise equity and dilute shareholders earnings. The balance sheet of FY10 has been a continuation of maintaining a prudent position on debt. Investor Presentation Full Year Results FY2010 NEW HOLDINGS LIMITED

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