1. TSX: FMC July 2011
EMERGING SOUTHERN AFRICAN COAL COMPANY
Investor Presentation
A Forbes & Manhattan Group Company

2. Disclaimer TSX: 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; 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

3. Company Overview TSX: FMC
Forbes & Manhattan Coal Corp.’s (“Forbes Coal” or the “Company”) vision is to
build a high quality bituminous and anthracite coal company with potential
capacity in excess of 10 million tonnes (“M t”) per year
Company Summary
Headquarters: Toronto, Ontario Total coal resource 51.7 million tonnes Bituminous1
(NI 43-101): (measured and indicated)
35.7 million tonnes Anthracite1
(measured and indicated)
15.1 million tonnes Anthracite1
(inferred)
Number of 2 (Magdalena Historical annual ‘run-rate’ 550,000 saleable tonnes
mines: and Aviemore) production:
Mine location: Kwa-zulu, Natal, 2-3 year target production: 900,000 saleable tonnes
South Africa Bituminous - Magdalena
340,000 saleable tonnes
Anthracite - Aviemore
Production capacity: 1.5 million saleable tonnes
1. As set out in “An Independent National Instrument 43-101 Technical Report for Forbes Coal on its Slater Coal Properties, KwaZulu-Natal Province, South
Africa” with an effective date of March 1, 2011 and an issue date of March 27, 2011. A copy of the Technical Report is available under the profile of the 3
Company on SEDAR at www.sedar.com.

4. Investment Highlights TSX: 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 from 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 opportunistic
acquisitions
 Coal-focused management team sponsored by Forbes & Manhattan
4

5. Experienced Management Team TSX: 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. Eng. (Mining) │Chief Operating Officer
Fourth generation coal miner with 25 years industry experience
Professional Certified Mining Engineer
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, African Operations
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
 Bob Bentley, │Mining Manager
Former Mine Inspector in Kwa-Zulu, Natal
Over 30 years of mining management experience
5

6. Directors TSX: FMC
 Stan Bharti, P.Eng. │ Executive Chairman
Business consultant and a professional mining engineer with more than 25 years experience
President of Forbes & Manhattan, Inc., a private merchant bank operating in Canada, the U.S. and
Western Europe, 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, major shareholder in Forbes Coal
6

7. Progress to Date TSX: FMC
Closed CDN$42 million capital raise at
$4.55/share Released fiscal 2011 full year results: FMC
Completed NI43-101 produced 648,000 saleable tonnes
Technical Report Forbes Coal increased ownership in Slater (combined) and $16.5 million EBITDA (for 12
Coal to 76.75% months ended February 28, 2011 at Slater
April 2010 Coal properties)
Completed RTO within 60 days, began March 2011 May 2011
trading on the Toronto Stock Exchange
under the symbol “FMC”
September 2010
April 2011 June 2011
June/July 2010 December 2010
Signed three year offtake First fiscal quarter 2012
Aviemore anthracite agreement with leading production increased of
Increased export capacity at
mine reopened energy trading company for 45% and export sales
Navitrade Terminal at Richards Bay
at full capacity 1.75 million tonnes of thermal increased 61%
coal
Closed CDN$36 million Magdalena upgraded mining operations;
private placement at increased saleable production capacity by Reported January and
$2.80/share 330,000 tonnes per annum
February 2011 production
increases of 28%
7

8. Coal Markets Overview TSX: 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
Domestic • Thermal coal sold at circa US$80
coal/coke
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
• Demands 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

9. Established Mining Region TSX: FMC
Source: Company reports
9

10. TSX: FMC
Company Outlook
10

11. 2010 – 2015 Mine Plan TSX: FMC
• Increasing production: saleable production is expected to grow at a CAGR of
22% from 2010 to 2015
– 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. As set out in “An Independent National Instrument 43-101 Technical Report for Forbes Coal on its Slater Coal Properties, KwaZulu-Natal Province, South
Africa” with an effective date of March 1, 2011 and an issue date of March 27, 2011. A copy of the Technical Report is available under the profile of the
Company on SEDAR at www.sedar.com.
11

12. Organic Growth Opportunities TSX: FMC
Ramp up at Magdalena
• Double production
• 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
• FY2011 CAPEX: $1.5 million
• Estimated FY2012 CAPEX: $1.2 million
Aviemore anthracite operations
• Ramp-up saleable production to 500,000
tonnes/year
(represents US$20.0M in incremental EBITDA
based on current forecasted price)
• FY2011 CAPEX: $0.16 million
• Estimated FY2012 CAPEX: $3.7 million
Source: Company reports, all figures in CDN $ unless otherwise indicated
12

13. Positioned for Multi-Year Export Growth TSX: FMC
SECURED ADDITIONAL EXPORT CAPACITY AT RICHARD’S BAY
Milestone agreement inked on December 7th increases export
capacity incrementally from 197,000 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 to fund continued ramping up of
production at the two operating mines
13

14. External Growth Opportunities TSX: FMC
Target consolidation in area
• 6 mining operators estimated in
the region
• 2 acquisition opportunities
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
Source: Company reports
14

15. Mining Resource TSX: FMC
• Recently completed NI 43 – 101 technical report calls for +20 year weighted life
of mine (“LOM”)
NI 43 – 101 Global Resource1
Measured Indicated Inferred MI & I
Magdalena – bituminous 51.7 - - 51.7
Aviemore – anthracite 1.6 34.1 15.1 50.8
1. As set out in “An Independent National Instrument 43-101 Technical Report for Forbes Coal on its Slater Coal Properties, KwaZulu-Natal Province,
South Africa” with an effective date of March 1, 2011 and an issue date of March 27, 2011.
15

16. Magdalena Bituminous Coal Operations TSX: FMC
16

17. Magdalena Bituminous Coal Operations TSX: FMC
Magdalena Operations and Site Layout
Asset Summary
Location: • Dundee, Kwa-Zulu, Natal
Coal Type: • Bituminous
Resource1: • 51.7 million tonnes
(measured and indicated)
Acres: • 4,557
Average BTU: • 12,250 BTU/lb
• 6,800 kcal/kg
Ash: • 15.0%
Volatility: • 16.7%
Saleable • 2011FY2: 556,000 tonnes
Production: • 2012FY2: 900,000 tonnes (estimated)
Mine Life1: • Approximately +20 years
Infrastructure: • Wash plant, processing plant
and siding
1. As set out in “An Independent National Instrument 43-101 Technical Report for Forbes Coal on its Slater Coal Properties, KwaZulu-Natal Province,
South Africa” with an effective date of March 1, 2011 and an issue date of March 27, 2011. A copy of the Technical Report is available under
the profile of the Company on SEDAR at www.sedar.com. 17
2. Fiscal year-end February 28

18. Magdalena Bituminous Coal Production Profile TSX: FMC
• Ramp-up on schedule
• New continuous miner arrived in December (further increase saleable
production capacity by close to 30,000 tonnes per month)
Magdalena Saleable Bituminous Coal Production1
(000 t)/February 28 year-end
1,003
900
556
449 485
347 326
299
2006 2007 2008 2009 2010 2011 2012E 2013E
Magdalena - open pit Magdalena - underground
1. As set out in “An Independent National Instrument 43-101 Technical Report for Forbes Coal on its Slater Coal Properties, KwaZulu-Natal Province,
South Africa” with an effective date of March 1, 2011 and an issue date of March 27, 2011. A copy of the Technical Report is available under
the profile of the Company on SEDAR at www.sedar.com. 18

19. Aviemore Anthracite Coal Operations TSX: FMC
19

20. Aviemore Anthracite Coal Operations TSX: FMC
Asset Summary Aviemore Operations
Location: • Dundee, Kwa-Zulu, Natal
Coal Type: • Anthracite
Resource1: • 35.7 million tonnes
(measured and indicated)
• 15.1 million tonnes
(inferred)
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 (estimated)
Mine Life1: • Approximately +20 years
Infrastructure: • Wash plant, processing plant
and siding
1. As set out in “An Independent National Instrument 43-101 Technical Report for Forbes Coal on its Slater Coal Properties, KwaZulu-Natal Province,
South Africa” with an effective date of March 1, 2011 and an issue date of March 27, 2011. A copy of the Technical Report is available under
the profile of the Company on SEDAR at www.sedar.com.
20
2. Fiscal year-end February 28

21. Aviemore Anthracite Coal Production Profile TSX: FMC
• Annual production capacity expected to hit 500,000 tonnes of saleable coal
per annum in FY2014
Aviemore Anthracite Coal Saleable Production1
(000 t)/February 28 year-end
420
161
102 92
59 62 61
20
2006 2007 2008 2009 2010 2011 2012E 2013E
1. As set out in “An Independent National Instrument 43-101 Technical Report for Forbes Coal on its Slater Coal Properties, KwaZulu-Natal Province,
South Africa” with an effective date of March 1, 2011 and an issue date of March 27, 2011. A copy of the Technical Report is available under
the profile of the Company on SEDAR at www.sedar.com. 21

22. Capitalization and Share Performance TSX: FMC
Share Performance Major Shareholders
Company Ticker TSX: FMC
• Forbes & Manhattan and
Closing Price (July 5, 2011) C$3.39
Management
Trading Range C$2.50 – C$5.01
(since September 27, 2010)
Basic Shares Outstanding1 34.8 million • Resource Capital Fund
FD Shares Outstanding2 39.5 million
• RBC Global Asset Management
Market Capitalization (Basic) C$118 million
Market Capitalization (FD) C$134 million
• Chilton Resource Fund
1 Includes 2,700,000 performance warrants that convert into
common shares upon the company reaching certain
operating targets
2 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 share and expiring on
February 22, 2013.
22

23. Comparable Trading Analysis TSX: FMC
• Forbes Coal Comparable Trading Analysis
trades at a Market Cap EV EV / EBITDA P/CFPS
significant Company
U.S. Coal Producers
(US$M) (US$M) 2011E 2012E 2011E 2012E
discount to Alliance Resource Partners LP $2,560 $2,946 5.1x 4.7x 6.1x 5.4x
Alpha Natural Resources Inc.1
comparable coal Arch Coal2
$11,339
$4,487
$13,283
$9,228
6.4x
6.7x
5.0x
4.9x
8.0x
4.7x
5.5x
3.2x
producers on an Cloud Peak Energy Inc.
Consol Energy, Inc.
$1,205
$11,389
$1,455
$14,622
4.3x
8.2x
3.9x
6.3x
4.7x
9.2x
4.4x
7.2x
EV/EBITDA and International Coal Group3 $2,252 $2,399 7.3x 4.8x 9.8x 7.6x
$720 $1,058 3.8x 4.1x na na
P/CF basis
James River Coal Co.
Natural Resource Partners LP $3,762 $4,460 15.2x 13.3x 13.3x 13.5x
Oxford Resource Partners, LP $535 $647 8.8x 6.6x 13.2x 9.4x
Patriot Coal Corporation $1,977 $2,170 6.2x 3.5x 8.1x 4.1x
Peabody Energy Corp. $16,030 $16,492 6.7x 5.4x 9.2x 7.1x
Rhino Resource Partners LP $612 $642 7.2x 5.6x 7.0x 6.1x
Xinergy Ltd. $225 $297 5.6x 2.4x 8.9x 3.3x
U.S. Coal Producers Average (excluding high and low) 6.6x 5.0x 8.4x 6.0x
African Coal Producers
Coal of Africa Limited $678 $680 5.6x 2.8x 12.3x NA
Exxaro Resources $8,194 $8,523 7.3x 5.8x 6.5x 5.0x
Keaton Energy $75 $37 NA NA NA NA
Optimum Coal $1,103 $1,006 3.8x 3.2x 4.2x 3.5x
Petmin Limited $244 $214 4.3x 3.2x NA 0.0x
Riversdale Mining4 $3,290 $2,765 40.5x 16.0x 45.0x 23.1x
African Coal Producers Average (excluding high and low) 5.7x 4.1x 9.4x 4.3x
Other Coal Producers
Cline Mining $549 $526 7.0x 2.0x 7.6x 2.6x
Coal & Allied Industries $10,034 $9,757 7.7x 7.1x 9.6x 8.8x
Gloucester Coal5 $1,861 $1,940 9.4x 6.9x 8.9x 7.2x
Grande Cache Coal $801 $851 5.5x 4.1x 5.3x 3.7x
MacArthur Coal $3,633 $3,152 7.8x 5.6x 10.9x 8.5x
Walter Energy6 $7,447 $9,953 5.8x 5.8x 6.9x 5.2x
Other Coal Producers Average (exluding high and low) 7.1x 5.6x 8.3x 6.1x
Overall Average (excluding high and low) 6.9x 5.2x 8.5x 6.1x
Note: As of June 3, 2011 Forbes Coal (C$)6 $113 $128 2.7x 1.6x 2.2x 1.6x
1. Pro forma acquisition of Massey Energy Inc. Forbes Coal - Discount to Comparables (61%) (69%) (74%) (74%)
2. Pro forma acquisition of International Coal Group
3. International Coal Group is shown prior to announcement of acquisition by Arch Coal announced on May 2, 2011
4. Note: Riversdale Mining is shown pre-announcement of offer by Rio Tinto on December 6, 2010
5. Note: Gloucester Coal is shown pro forma A$585 million acquisition of Donaldson Coal and A$30 million (with contingent share payments) acquisition of Monash Group
6. Forbes Coal’s operating forecast are based on Canaccord Genuity Research estimates
Source: Consensus estimates and company reports
23

24. Summary TSX: FMC
 Currently producing high quality bituminous and anthracite coal
 Plans to organically TRIPLE production from historic levels to 1.5 million saleable
tonnes per annum in two to four years
 Export capacity at Richards Bay Coal Terminal 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 potential acquisition opportunities in the region
 Strong balance sheet and coal-focused management team
24

25. TSX: FMC
Appendix
25

26. South Africa – Overview TSX: FMC
• South Africa is the most attractive country in
Africa 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
26

27. Historical Coal Prices TSX: 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
$350
$300
$250
(US$ /tonne)
$200
$150
$100
$50
$0
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Mar-07
May-07
Sep-07
Nov-07
Mar-08
May-08
Sep-08
Nov-08
Mar-09
May-09
Sep-09
Nov-09
Mar-10
May-10
Sep-10
May-11
Nov-10
Mar-11
Richards Bay Thermal Coal Spot Price McCloskey/Xinhua Infolink's Coking Coal Price
Source: Bloomberg
27

28. Thermal Coal Global Overview TSX: 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
28

29. Thermal Coal Global Overview TSX: FMC
• 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
29

30. Thermal Coal Global Overview TSX: FMC
• India will be relying heavily on coal fired power plants in the near future
30

31. Thermal Coal Global Overview TSX: FMC
• As a result of reliance on thermal power generation, Indian thermal
exports are expected to rise significantly
Source GTIS, Macquarie Research, February 2011
31

32. Thermal Coal Global Overview TSX: FMC
• Chinese thermal coal imports have been robust; this trend is expected
to continue into the near future
32

33. Metallurgical Coal Global Overview TSX: FMC
• The coking coal market was
fundamentally tight prior to the Global Thermal Demand and Supply Forecast
Queensland, Australia floods,
which have added considerable
fuel to the fire
• 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
Source GTIS, Macquarie Research, February 2011
33

34. Metallurgical Coal Global Overview TSX: FMC
Many metallurgical coal basins exist, however there is a challenge in
bringing new projects online
Source GTIS, Macquarie Research, February 2011
34

35. Metallurgical Coal Global Overview TSX: FMC
• Supply growth in 2011 is set to be much lower than in 2010, while key
regions increase demand
35

36. Metallurgical Coal Global Overview TSX: FMC
• 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
36

37. TSX: FMC July 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 37