Investor Presentation September 2011

TSX/JSE : FMC September 2011

EMERGING SOUTHERN AFRICAN COAL COMPANY

Investor Presentation

A Forbes & Manhattan Group Company

Disclaimer TSX/JSE : FMC

This presentation contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements
with respect to the development potential and timetable of the Magdelena and Aviemore projects; the Company’s ability to raise additional funds as necessary;
the future price of coal; the estimation of mineral resources; conclusions of economic evaluations (including scoping studies); the realization of mineral resource
estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures;
success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks.
Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are
based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the anticipated timing, amount and cost of
mining at the Company’s projects are based on assumptions underlying mineral resource estimates and the realization of such estimates; results of previous mining
activities at the projects, and detailed research and analysis completed by independent consultants and management of the Company; research and estimates
regarding the timing of delivery for long-lead items; and knowledge regarding certain factors described in the technical report filed under the profile of the
Company on SEDAR. Capital and operating cost estimates are based on results of previous mining activities, research of the Company and independent
consultants. Production estimates are based on mine plans and production schedules, which have been developed by the Company’s personnel and
independent consultants. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements,
including but not limited to risks related to: timing and availability of external financing on acceptable terms; unexpected events and delays during construction,
expansion and start-up; variations in ore grade and recovery rates; receipt and revocation of government approvals; actual results of exploration and mining
activities; changes in project parameters as plans continue to be refined; future prices of coal; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry. Although management of the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to
update any forward-looking statements except in accordance with applicable securities laws.

Investors are advised that National Instrument NI 43-101 of the Canadian Securities Administrators (“NI 43-101”) requires that each category of mineral reserves and
mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Johan Odendaal, B.Sc.
(Geol.), B.Sc.(Hons)(Min. Econ.), M.Sc. (Min. Eng.), a director of Minxcon and an independent Qualified Person, as defined in National Instrument 43-101 has
reviewed and approved the scientific and technical information contained in this presentation.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources
The information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are
recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred mineral
resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of
feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be
converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is
economically or legally mineable.

2

Company Overview TSX/JSE : FMC

Forbes & Manhattan Coal Corp.’s (“Forbes Coal” or the “Company”) vision is to
build a high quality bituminous and anthracite coal company with production
capacity in excess of 10 million tonnes per year

Company Summary
Headquarters: Toronto, Ontario Total coal resource 51.7 million tonnes Bituminous
(NI 43-101): 50.8 million tonnes Anthracite1

Number of 2 (Magdalena Historical annual saleable 648,000 saleable tonnes in
mines: and Aviemore) production: fiscal 2011

Mine location: Kwa-zulu, Natal, 2 year target production2: 1,000,000 saleable tonnes
South Africa Bituminous - Magdalena
420,000 saleable tonnes
Anthracite - Aviemore

Production capacity: 1.5 million saleable tonnes

1.  As set out in the Technical Report of the Company entitled “An Independent National Instrument 43-101 Technical Report on Slater Coal and Subsidiaries,
KwaZulu-Natal Province, South Africa”, dated March 1, 2011, prepared for the Company by Minxcon (the “Technical Report”). A copy of the Technical
Report is available under the profile of the Company on SEDAR at www.sedar.com. 3
2.  As per management’s guidance

Investment Highlights TSX/JSE : FMC

  Strategic assets in one of the best developed coal markets in the world

  Substantial resource base of high quality bituminous and anthracite coal

  Ability to TRIPLE production within three years from 2010 historic levels using existing
infrastructure and capacity

  In-place infrastructure to reach export corridors and growing domestic market

  Substantial upside through organic production growth and strategic acquisitions

  Experienced coal-focused management team

As per management’s guidance

4

Experienced Management Team TSX/JSE : FMC

  Stephan Theron, B.Comm, CGA President and Chief Executive Officer
Extensive management, project finance and equity analysis experience in the mining, energy and infrastructure
sectors
Previous capital and project experience includes Weir PLC and AMEC PLC
Former sector head materials and energy with a specific focus on South African coal market

  Malcolm Campbell, Pr. Cert. Eng. (Mining) Chief Operating Officer
Fourth generation coal miner with 25 years industry experience
Skilled in operational management, turnaround strategies and business development
Spent 20 years with Anglo Coal; held a variety of positions including Regional Manager for New Business
Development and Strategy

  Johan Louw, Pr. Eng. Vice President, Business Development
Capital project specialist with over 15 years experience in the Southern African mining and energy sectors
Former project manager for Weir PLC and KBR Inc.
Former senior plant metallurgist for Anglo Coal covering numerous export focused coal mines

  Kuda Muchenje, VP Exploration & Development
Seasoned exploration geologist with over 15 years experience in the generation of exploration targets and
management of exploration and evaluation programs
Former Country Manager(Mozambique)for Rio Tinto

  Deb Battiston, CGA Chief Financial Officer
Financial specialist with over 20 years experience in the mining sector

  Kevern Mattison, NHD (Mining), B. Tech. General Manager
More than 20 years operational coal mining experience
Spent over 20 years with Anglo Coal, most recently Manager Mining

5

Directors TSX/JSE : FMC

  Stan Bharti, P.Eng. Executive Chairman
Business consultant and a professional mining engineer with more than 25 years experience
Founder and Chairman of Forbes & Manhattan, Inc., a private merchant focused on the resource
sector, since July 2001

  Stephan Theron, B.Comm, CGA , President and CEO

  David Stein, MSc., CFA Director
Over nine years of asset evaluation, research and corporate finance experience
President and Director of Aberdeen International (seed investor in Forbes Coal)

  Grant Davey, P. Eng. Director
Mining Engineer with close to 20 years experience in coal, platinum and gold mining industry
Previously held senior operational management roles for Anglo American in South Africa & Australia

  David Gower, P. Geo. Director
Professional Geologist and the former Global Head of Nickel Exploration for Falconbridge

  Ryan Bennett, M.Mining Eng. Director
Masters degree in Mining Engineering from the Colorado School of Mines
Extensive technical mining project analyses experience
Senior Partner of Resource Capital Fund;(significant shareholder in Forbes Coal)

6

Progress to Date TSX/JSE : FMC

Corporate Milestones…dual listed with a growing management team
Co-Listied on the Johannesburg
Completed RTO within 60 days, began trading Stock Exchange debut under the
on the Toronto Stock Exchange under the symbol Closed CDN$42 million capital raise at $4.55/share; symbol “FMC”;; Experienced
“FMC” Forbes Coal increased ownership in Slater Coal to COO joined FMC
September 2010 76.75%; Completed second NI 43-101 Technical
July 2011
Report

March 2011

Operational Highlights…production up 34% since acquiring the Slater Coal properties

Reported a 45%
Signed three year offtake agreement increase in
with leading energy trading company
production and 65%
for 1.75 million tonnes of thermal coal;
Released fiscal 2011 full year results: FMC increase in average
Increased export capacity at Navitrade Terminal January and February 2011 production produced 648,000 saleable tonnes monthly revenue for
at Richards Bay; Magdalena upgraded mining increases 28% (combined) and $16.5 million EBITDA (for 12 Q1 2012
operations; increased saleable production April 2011 months ended February 28,2011 at Slater
capacity by 330,000 tonnes per annum Coal properties) August 2011
December 2010 May 2011

7

Coal Markets Overview TSX/JSE : FMC

Thermal Metallurgical
•  Aviemore one of four listed
metallurgical (anthracite) coal
•  Thermal (bituminous) coal sold producers in South Africa
directly to independent industrial
companies in South Africa •  Cost-effective replacement for coking
coal/coke
Domestic •  Thermal coal sold at circa US$80
per tonne vs low quality coal sold •  Applications include iron ore
to Eskom priced at US$20 - 30 per pelletizing, PCI for blast furnaces,
tonne calcining for electrode
manufacturing, ferroalloys and power
generation

•  Demand increasing from emerging •  Demand driven by the metal refining
Asian markets, especially India and industry
China
•  Asia dominates demand for anthracite
•  Indian government expecting coal
domestic coal shortfall of approx. 112 o  83% of global imports; 95% of
million tonnes for year ended March expected export demand
Export 2012; 35% increase from previous
forecasts
growth

•  Pricing highly correlated with PCl coal
•  South African coal exports to India prices
increased 161% 2008 – 2009
•  Australian coal producers starting to
•  China imported165 million tonnes of settle PCl contracts at a record US$275
coal in 2010, up 31% from prior year per tonne FOB for April –June quarter 1

Source: Company reports
1.  McCloskey Coal Report, March 22, 2 011
8

Established Mining Region TSX/JSE : FMC

9

TSX/JSE : FMC

Company Outlook

10

2010 – 2013 Mine Plan TSX/JSE : FMC

•  Increasing production: saleable production is expected to grow at a CAGR of
41% from 2010 to 2013
–  Driven by expansion of production from the Magdalena and Aviemore underground
mines

Saleable Production1
(000 t)
1,423

1,061

648

505

2010FY 2011FY 2012FY 2013FY

Bituminous Anthracite

1.  Source: National Instrument 43 – 101 Report (Minxcon March 1, 2011) available under the profile of the Company on SEDAR at www.sedar.com.
11

Organic Growth Opportunities TSX/JSE : FMC

Ramp up at Magdalena
•  Double production from fiscal 2010 to fiscal 2013
•  FY2011 CAPEX: $9.7 million
•  Estimated FY2012 CAPEX: $12.4 million

Increase wash plant recovery rates
•  Improve from current level of 60% to 70%
•  Investigate product upgrade potential

Aviemore anthracite operations
•  Ramp-up saleable production to 500,000 by tonnes/
year by fiscal 2014

Source: Company reports, all figures in CDN $ unless otherwise indicated
12

Positioned for Multi-Year Export Growth TSX/JSE : FMC

SECURED ADDITIONAL EXPORT CAPACITY AT RICHARD’S BAY

Milestone agreement inked on December 7, 2010 increases
export capacity incrementally by 960,000 tonnes per annum
for a total export capacity of 1,157,000 tonnes in 2013.

SIGNIFICANT OFFTAKE AGREEMENT PROVIDES STEADY
CASH FLOW
Three year offtake agreement reached with global energy trading
company for 1.75 million tonnes (total) of thermal coal

Cash flow from offtake agreement will fund continued ramp up of
production at the two operating mines

13

External Growth Opportunities TSX/JSE : FMC

Target consolidation in area

•  6 mining operators estimated in
the region

•  1 acquisition opportunity
currently identified in Kwa-Zulu,
Natal, South Africa

•  Substantial enhanced upside
by improving acquired business
operating practices

•  Increased export allocation
and marketing advantage

•  Synergy in product base and
cost savings with central
management team

14

Mining Resource TSX/JSE : FMC

NI 43 – 101 Global Resource1

Measured Indicated Inferred MI & I Yearly LOM
ROM2
Magdalena 51.7 m - - 51.7 m 1.0 m + 20 years
Bituminous
Aviemore 1.6 m 34.1 m 15.1 m 50.8 m 0.25 m + 20 years
Anthracite

15

U/G LOM Production Profile 1
TSX/JSE : FMC

2,000,000

1,800,000

1,600,000

1,400,000

1,200,000
Tonnes

1,000,000

800,000

600,000

400,000

200,000

-
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Magdalena O/C Magdalena U/G Aviemore U/G

Magdalena2 Aviemore2
•  Section 1: ABM30 High Seam, 40,000 tonnes/month •  Section 1: Conventional, 22,000 tonnes/month
•  Section 2: Conventional Low Seam, 10,000 tonnes/month •  Section 2: Conventional, 22,000 tonnes/month
•  Section 3: Dyke, 12,000 tonnes/month •  Investigate low seam CM’s for future
•  Section 4: ABM30 High Seam, 40,000 tonnes/month
•  Section 5: CM Low Seam, 25,000 tonnes/month

2.  As per management’s guidance.
16

Magdalena Bituminous Coal Operations TSX/JSE : FMC

17

Magdalena Bituminous Coal Operations TSX/JSE : FMC

Magdalena Operations and Site Layout
Asset Summary1

Location: •  Dundee, Kwa-Zulu, Natal
Coal Type: •  Bituminous
Resource: •  51.7 million tonnes
Acres: •  4,557
Average BTU: •  12,250 BTU/lb
•  6,800 kcal/kg
Ash: •  15.0%
Volatility: •  16.7%
Saleable •  2011FY2: 555,000 tonnes
Production: •  2012FY2: 900,000 tonnes
Mine Life: •  Approximately +20 years
Infrastructure: •  Wash plant, processing plant
and siding

2.  Fiscal year-end February 28
18

Magdalena Bituminous Coal Production Profile TSX/JSE : FMC

•  Ramp-up on schedule
•  New ABM30 continuous miner arrived in December 2010 (further increased
saleable production capacity by close to 30,000 tonnes per month)1
•  Second ABM30 continuous miner scheduled for delivery end September 2011

Magdalena Saleable Bituminous Coal Production2
(000 t)/February 28 year-end
1,003
900

556
485
449
347 326
299

2006 2007 2008 2009 2010 2011 2012E 2013E

Magdalena - open pit Magdalena - underground

19

Magdalena Project Area & Mining Rights1 TSX/JSE : FMC


20

Aviemore Anthracite Coal Operations TSX/JSE : FMC

21

Aviemore Anthracite Coal Operations TSX/JSE : FMC

Aviemore Operations

Asset Summary1

Location: •  Dundee, Kwa-Zulu, Natal
Coal Type: •  Anthracite
Resource: •  50.8 million tonnes
Acres: •  13,818
Average BTU: •  12,800 BTU/lb
•  7,100 kcal/kg
Ash: •  13.7%
Volatility: •  7.9%
Saleable •  2011FY2: 92,000 tonnes
Production: •  2012FY2: 161,000 tonnes
Mine Life: •  Approximately +20 years
Infrastructure: •  Wash plant, processing plant
and siding

2.  Fiscal year-end February 28
22

Aviemore Anthracite Coal Production Profile TSX/JSE : FMC

•  Annual production capacity expected to hit 500,000 tonnes of saleable coal
per annum in fiscal 20141

Aviemore Anthracite Coal Saleable Production2
(000 t)/February 28 year-end

420

161
102 92
59 62 61
20

2006 2007 2008 2009 2010 2011 2012E 2013E

23

Aviemore Project Area & Mining Rights1 TSX/JSE : FMC


24

Corporate Structure TSX/JSE : FMC

Forbes Coal Ownership Structure

Forbes and Manhattan Coal Corp.
(Ontario, TSX/JSE Listed)

100%

Forbes and Manhattan Coal Inc.
(Ontario)

76.75% 100%

Corondale Prospecting and
Mining (Proprietary) Limited Slater Coal (Proprietary) Limited
Slater Vendors
Dormant Company 100% (South Africa) 23.25% 0%

70%

Zinoju Coal (Proprietary) Limited BEE
(South Africa) 30% (Nulane)

100% 100%

Magdalena Aviemore
Bituminous Coal Anthracite Coal

Source: FM Coal Corp

25

Responsible Development TSX/JSE : FMC

•  Has a good working relationship with its
two unions: National Union of
Mineworkers (NUM) and Amalgamated
Mining & Construction Union (AMCO)
•  Labour contracts are on an annual basis

•  Currently in the process of implementing
internationally recognized safety, health,
environmental and quality management
systems

•  Adheres to the tenets of the Mining
Charter and promotes local
procurement and procurement from BEE
companies

•  Committed to developing local
communities

26

Capitalization and Share Performance TSX/JSE : FMC

Share Structure

Basic Shares Outstanding 34.8 million
FD Shares Outstanding1 39.5 million

Canadian Share Performance South African Share Performance

Company Ticker TSX: FMC Company Ticker JSE: FMC
Closing Price (Sept 10, 2011) C$2.45 Closing Price (Sept 10, 2011) ZAR 2,100

Trading Range C$2.22 – $5.01 Trading Range ZAR2,100 –2,750
(since September 27, 2010) (since July 28, 2011)
Market Capitalization (Basic) C$85 million Market Capitalization (Basic) ZAR 731million
Market Capitalization (FD) C$98 million Market Capitalization (FD) ZAR 829 million

1 Includes2,700,000 performance warrants that convert into common shares upon the company reaching certain operating targets. Also includes
3,445,300 options with a weighted average exercise price of C$5.35 per share, 763,887 broker warrants convertible into common shares at an exercise
price of C$2.80 per share and expiring on January 23, 2012 and 480,000 broker warrants convertible into common shares at an exercise price of C$4.55 per 27
share and expiring on February 22, 2013.

Peer Group Trading Analysis TSX/JSE : FMC

•  The listed South African peer universe for Forbes Coal includes: Price:earnings comparables South African listed peers
  Exxaro, Optimum Coal, Coal of Africa, Keaton Energy, FY+1 average (1)= 8.3x
FY+2 average(1) = 5.9x
Wescoal, Resources Generation, Hwange and Firestone
11.3
Energy (the latter 4 of which are not set out in the analysis 12.0

alongside due to lack of broker forecast earnings)
10.0
•  The relative sizes of these peers are set out below, in terms of 8.5 8.5 8.2
market capitalization: 8.0 7.1
6.4 6.3
6.0
Peer Market Share price Share price
Capitalization performance 6 performance
(R’m) months to date 12 months to 4.0 2.9 3.0
date 2.1
2.0

Exxaro 62 821 17.4% 62.0%
0.0
Optimum Coal 7 931 -5.9% 25.1% Keaton Energy Coal of Africa Optimum Coal Exxaro Forbes Coal Corp.

Coal of Africa 4 037 -21.6% -9.6% FY 12 P/E FY 13 P/E

Resources 1 163 -18.6% 7.3% Sales growth (FY12 to FY13) versus FY12 P/E: South African listed peers
Generation
70.0%
Forbes Coal 681 -38.4% -19.1% Bubble sizes represented by market cap
60.0%
Hwange 633 -22.1% 80.4% Keaton Energy
50.0%
Keaton Energy 487 -26.9% -32.4%
40.0% Forbes Coal Coal of Africa
Firestone 421 -21.1% -54.4%
Sales Growth (FY12 to FY13)

30.0%
Energy
20.0%
Wescoal 115.1 -33.0% 43.4% Exxaro Optimum Coal
10.0%

0.0%
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0
-10.0%
FY12 P/E

Source: Bloomberg, 30 August 2011
(1) Excluding Forbes Coal
FY12 and FY13 P/E is projected
28

Summary TSX/JSE : FMC

  Currently producing high quality bituminous and anthracite coal

  Plans to organically TRIPLE production from 2010 historic levels to 1.5 million
saleable tonnes per annum in three years

  Export capacity at Richards Bay Coal Terminal and Grindrod Terminals Richards Bay
to increase incrementally to 1,157,000 tonnes per annum by 2013

  Offtake agreement with global energy trading company provides cash to fund
ramp up at two operating mines

  Growing demand for coal from emerging markets

  Looking at strategic acquisition opportunities in the region

  Strong balance sheet and coal-focused management team

29

TSX/JSE : FMC

Appendix

30

South Africa – Overview TSX/JSE : FMC

•  South Africa is the most attractive country in
which to do business according to Ernst & Richard’s Bay Port
Young 2011 Africa Attractiveness Survey World’s Largest Coal Terminal

•  Modern infrastructure system supporting
distribution of commodities for both domestic
and export markets
–  Extensive rail network (10th longest in
the world)
–  Majority of electricity generated via
coal fired power stations
–  Richard’s Bay port in South Africa is the
world’s largest bulk coal terminal
•  91 million tonne capacity
•  Coal railed from approximately
49 mines

•  Long history in resource development
–  World’s largest PGM & ferrochrome
producer
–  Significant coal, iron ore and
manganese resources

31

Historical Coal Prices TSX/JSE : FMC

•  South African thermal coal (Richard’s Bay terminal) and coking coal prices have increased significantly
over the last several months

•  The recovery to 2008 levels have been driven by increased demand, particularly from China and India,
and higher cost supply from key producing nations such as Russia and the U.S.

Historical South African Thermal Coal and PCI Coal Prices
$300

$250

$200
(US$ /tonne)

$150

$100

$50

$0
Jul-07

Sep-07

Jul-08

Sep-08

Jul-09

Sep-09

Jul-10

Sep-10
Jan-07

Mar-07

May-07

Jan-08

Mar-08

May-08

Jan-09

Mar-09

May-09

Jan-10

Mar-10

May-10

Jan-11
Nov-07

Nov-08

Nov-09

Nov-10
Richards Bay Thermal Coal Spot Price McCloskey/Xinhua Infolink's Coking Coal Price

Source: Bloomberg
32

Thermal Coal Global Overview TSX/JSE : FMC

•  Significant upside potential to
export prices Global Thermal Demand and Supply Forecast

•  A tightening of the global
seaborne market in late 2010
provided the initial base for
thermal coal to rise

•  Robust import demand from India

•  Growing imports into China due to
increasing demand and
production curtailments

•  Slowing export supply growth from
Indonesia as more coal is diverted
for domestic use

•  Short-term supply constraints
caused by flooding in Australia

•  Australia is the second-largest
exporter of bituminous coal

•  Wood Mackenzie stated that
prices could exceed 2008 highs

Source GTIS, Macquarie Research, February 2011
33


•  Global thermal trade flows show India and China as major global importers of
thermal coal
•  South Africa exported an estimated 23 million tonnes of thermal coal to India in
2010

34


•  India will be relying heavily on coal fired power plants in the near future

35


•  As a result of reliance on thermal power generation, Indian thermal
imports are expected to rise significantly

36


•  Chinese thermal coal imports have been huge; this trend is expected to
continue into near future

37

Metallurgical Coal Global Overview TSX/JSE : FMC

•  The coking coal market was
fundamentally tight prior to the Global Thermal Demand and Supply Forecast
Queensland floods, which have
further constrained the market

•  Current situation highlights the
lack of geographical diversity to
supply side portfolio, leaving it
prone to shocks

•  Market deficit likely to prevail,
keeping price at decent premium
to cost support

•  Requirement for projects in high
geopolitical and infrastructure risk
regions will keep long-term prices
elevated

38


•  Many metallurgical coal basins exist, however there is a challenge in
bringing new projects online

39


•  Supply growth in 2011 is set to be much lower than in 2010, while key
regions increase demand

40


•  Global anthracite coal demand driven by the metal refining industry
–  Cost-effective replacement for coking coal/coke
•  Emerging markets consuming the most steel
•  China is the world largest steel producer
–  Accounts for 44% of global steel production
–  Expected to sustain steel consumption growth of 6%-8% annually
•  China accounts for 52% of the world’s coking coal consumption
–  Imports more than half of coking coal consumed from export markets

Increasing steel
production and
consumption
drives demand
for anthracite
coal

Global steel consumption: Macquarie Commodities Research February 2011
41

TSX/JSE : FMC September 2011

CONTACT INFORMATION

Stephan Theron Sabina Srubiski
President & CEO Investor Relations Manager
Forbes & Manhattan Coal Corp. Forbes & Manhattan Coal Corp.

Tel: + 1 416 861 5912 Tel: + 1 416 309 2957

info@forbescoal.com ssrubiski@forbescoal.com
www.forbescoal.com www.forbescoal.com

65 Queen Street West, Suite 815 P.O. Box 71, Toronto, Ontario, Canada, M5H 2M5 42

Investor Presentation September 2011

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