White Energy Company Limited ASX: WEC Other OTC: WECFY (ADR)

1. White Energy Company Limited ASX: WEC Other OTC: WECFY (ADR)

2. Disclaimer & Forward Looking Statements The information contained in this presentation has been prepared in good faith by White Energy Company. No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or other information contained in this presentation. Except for the historical information contained herein, the matters discussed in this presentation contain forward-looking statements, including statements, containing the words “planned”, “expects”, “believes”, “strategy”, “opportunity”, “anticipates”, and similar words. Such forward-looking statements are subject to known and unknown risks, uncertainties, or other factors that may cause the company’s actual results to be materially different from historical results or any results expressed or implied by such forward-looking statements. We assume no obligation to update any forward-looking statements to reflect events or circumstances arising after the date hereof. All White Energy Company SEC registration materials are available at the WEC Web site, www.whiteenergyco.com.

3. Company Snapshot • Listed: Australian Securities Exchange (ASX: WEC) • Other OTC: ADR Program (WECFY). • Business Description: Commercialization of Coal Upgrading Technology. • Shares outstanding: 124MM fully paid ordinary shares. • Recent share price (Nov 2nd, 2007) • ASX: A$2.95 (US$2.65) • OTCBB: US$13.35 • Equity market capitalisation*: A$366MM (US$329MM). • Available funds: A$57MM (US$51MM). • Corporate headquarters: Sydney, Australia; offices in Indonesia and China. • Full-time personnel: 30. • Public since: March 2005. • Insider ownership: 34% of shares outstanding. Notes: * Based on number of shares outstanding, exchange rate A$1.00 =US$ 0.90

4. Financial Snapshot Consolidated Balance Sheet Consolidated Statement of Cash Flows Notes:* Includes consolidation of Indonesian JV cash balance reported only in annual statutory accounts and not in quarterly reports; ** October 2007 convertible note funding of A$45MM (US$38MM), current cash balance A$57MM (US$51MM)

5. The World Needs Coal • By 2100, nearly half of the world’s energy supply is projected to come from coal. • Dwindling reserves of oil and natural gas suggest that their contribution to world energy use will show modest growth at best. • Any new demand will be met partly by carbon-free energy sources, but mostly by coal. Coal

6. Global Market Drivers • Rapidly growing coal demand - Global coal demand is expected to grow significantly through 2030, particularly from the fast growing economies of China and India (IEA). • New crude oil paradigm placing upward pressure on competitive fuels - Rising crude oil pricing is increasing demand for cheaper, indigenous fossil fuels. • Deliverability of high quality coals is declining - In both North America and Asia, production of high thermal value / low emission coal is declining. • Increasing global emphasis on emissions reductions - Across the globe, emissions of CO2, SOx, NOx and Hg are coming under increased regulation. Coal is a vital resource option for meeting the world’s sustainable energy needs. • Coal needs to be clean to be viable - Global sub-bituminous and lignite (brown) coal deposits are relatively underdeveloped because their high moisture and low energy content create utilisation, transport and environmental inefficiencies.

7. Why White Energy? • White Energy has a technology that represents a first step in building a cleaner coal solution. • White Energy’s unique coal upgrading technology is commercially viable. • White Energy has demonstrated the ability to monetize significant value-add. • White Energy has capable, incentivized management. • Near term revenue generation.

8. White Energy Upgrades Low Value Coal • White Energy has a technology that represents the first step in building a cleaner coal solution. • The White Coal Technology is an evolutionary process that speeds the maturation of lower grade coals. • The upgrading technology removes coal moisture and improves heat content and quality of the coal to higher energy levels characteristic of higher value bituminous coals.

9. The White Coal Value Added Process • The White Coal Technology was originally developed by a consortia led by the CSIRO, the pre-eminent Australian government sponsored research organisation. • Low value coal is crushed and rapidly dried to remove water content. • Compaction generates close bonding between the dried coal particles without the need for expensive binding agents. • As a result, high density, higher energy content briquettes are formed. • The process works on both fine and lump coal. • Coal samples from China, the US, Australia, Indonesia and South Africa have all been successfully processed.

10. The White Coal Technology Benefits • Higher energy content: WCT increases heat energy 37.5%, creating valuable power generation efficiencies. • High volume production capacity • Low upgrading costs: Favorable conversion economics allow the product to compete with bituminous coals. • Lower spontaneous combustion risk: Upgraded coal is physically and chemically stable, and can be handled, stored and transported as normal coal. • Lower transportation costs: Process reduces moisture, resulting in up to 30% decrease in load volumes and concomitant transportation costs. • Reduced greenhouse gas and pollutant emissions: More efficient burning results in lower CO2, SO2, NOx and Hg emissions.

11. White Energy’s Low CAPEX Solution CAPEX $US Million Per 1MTPA Plant $400 $350 $350 $300 $250 $200 $150 $100 $100 $75 $50 $27 $0 Kobe Steel Environmental Evergreen White Energy Clean Energy Technologies

12. Strong Power Plant Performance Sub-bituminous coal upgraded by White Energy compares very favorably with higher priced bituminous coal Compare Source: BHP Billiton 2007

13. Market Development - Asia Outlook • Demand for thermal coal in Asia will grow by 77Mt (66%) of total global growth. Strategy • Target Indonesia, China & India (13.4% of global reserves). • Initial agreements with Bayan Resources and Adaro / Itochu for development of Indonesian coal deposits and other pipeline opportunities. • Agreement with Datang for development of Inner Mongolian deposits and other Chinese opportunities. Asian Thermal Coal Import Demand (Mt) Source: Barlow Jonker

14. Market Development – North America Outlook • Central Appalachian compliance coal supply has fallen 60 MPTA in last 10 years. • US power utilities switched from local bituminous coals to avoid costly flue gas desulphurization plants. Strategy • Establish foothold in Powder River Basin region (US), the largest sub-bituminous coal producing region in the world, with an annual output of more than 350M tonnes.

15. Commercialization Timeline

16. 2007 Highlights • Endorsement by BHP Billiton: Funding announced US$35M; BHP to act as exclusive global marketing agent. • Successful capital raises: A$23M private placement at A$0.96 per share (2006); A$45M convertible note at $A3.44 per share (2007). • Construction of first Indonesian plant begun: Commissioning expected by mid-2008. • Second Indonesian JV signed: Adaro Group and Itochu Corporation to establish a 1MTPA plant, with intention to increase to 8MTPA. • China feasibility study commenced: Part of JV with Datang International Power Company Ltd to build plants aggregating 10MTPA. • AusIndustry Grant: A$4.35M provided by the Australian Government to fast-track construction of new demonstration plant. • Pipeline developments: Coal samples from potential JV partners in China, Russia, Indonesia, Australia and South Africa have been successfully processed.

17. Coal Utilization Coal From Mines From Coal Coal Utilisation (energy conversion) Combustion Gasification / Liquefaction OR Electricity Synthetic Natural Gas Fertilisers Hydrogen Petrochemicals & Clean Fuels Multiple High Value Products Adapted from Canada’s Clean Coal Technology Roadmap

18. White Energy Zero Emissions Strategy • Coal upgraded by the White Coal Technology can be used to supply each of the stages of the coal technology lifecycle, offering immediate CO2 emission reductions of up to 10%. • White Energy will continue to partner with major players in the coal value chain, from coal producers to utility providers. • These strategic partnerships will enable the production of a number of high value end products. • White Energy will continue to develop and acquire synergistic technologies in both coal upgrading technology and emissions reductions, driving the company toward its objective of zero emissions.

19. A Facilitator to Zero Emissions Efficiency Improvements Existing Power Plants Advanced Technologies New Power Plants White Coal Technology Zero Emissions + + + Source: Adapted from World Coal Institute (2003)

20. Management Team • John Atkinson, Managing Director, formerly managed Baker & McKenzie in Hong Kong, where he specialized in M&A. He is the former Chair of Baker & McKenzie’s global Major Projects Group. • Travers Duncan, Executive Chairman of White Energy Technology Limited, is a civil engineer with more than 30 years’ experience managing large coal mining and infrastructure development projects in Australia, Indonesia, Papua New Guinea and India. • John McGuigan, Non Executive Chairman, is a former global executive chairman of Baker & McKenzie Worldwide. He is a long-term investor in White Mining related coal ventures. • John Langley, Director of Business Development, has more than 30 years’ experience in mining related technology companies. • Keith Clark, Director of Technology, has more than 35 years’ experience in research and development in coal and mineral processing. He led the R&D program at CSIRO that developed the White Coal Technology process.

21. Why Invest in White Energy? • The world needs clean coal to meet increasing energy demands driven by economic growth. • White Energy’s technology represents a first step in building a cleaner coal solution; the company is a key participant in the drive toward a zero emissions future. • The White Coal Technology is unique, commercially validated and driven by a capable, incentivized management team. • White Energy will continue to develop and acquire synergistic technologies in both coal upgrading and emissions reductions. • White Energy has significant near term (3Q08) revenue generation potential. • White Energy is a high-growth investment opportunity.

22. For more information visit our website at www.whiteenergyco.com